Lieff, Cabraser, Heimann & Bernstein, LLP reminds investors of the May
14, 2014 deadline to move for appointment as lead plaintiff in the securities
class litigation brought on behalf of those who purchased or acquired
the securities of CytRx Corporation (“CytRx” or the “Company”)
(NasdaqCM:CYTR) between November 30, 2013 and March 13, 2014, inclusive
(the “Class Period”).
If you purchased or acquired the securities of CytRx during the Class
Period, you may move the Court for appointment as lead plaintiff by no
later than May 14, 2014. A lead plaintiff is a representative party who
acts on behalf of other class members in directing the litigation. Your
share of any recovery in the action will not be affected by your
decision of whether to seek appointment as lead plaintiff. You may
retain Lieff Cabraser, or other attorneys, as your counsel in the action.
CytRx investors who wish to learn more about the action and how to seek
appointment as lead plaintiff should click
here or contact Sharon M. Lee of Lieff Cabraser toll-free at
1-800-541-7358.
The actions charge CytRx, its Chief Executive Officer, and stock
promotion firms the DreamTeamGroup (“The DreamTeam”) and MissionIR with
violations of the Securities and Exchange Act of 1934. CytRx,
headquartered in Los Angeles, California, is a biopharmaceutical
research and development company.
The actions allege that during the Class Period, defendants made
misleading statements and failed to disclose that numerous articles
issued by The DreamTeam and MissionIR touting CytRx stock were in fact
paid stock promotions under the control of CytRx.
On February 12, 2014, an article published on TheStreet.com reported
that Galena BioPharma, Inc. (“Galena”) had paid The DreamTeam and
MissionIR to promote its stock without properly disclosing its paid
relationship and that CytRx had also retained DreamTeam. On this news,
the price of CytRx stock fell $0.54, or 8.18%, from its closing price of
$6.60 per share on February 11, 2014, to close at $6.04 per share on
February 12, 2014.
On March 13, 2014, an article published on SeekingAlpha.com revealed
that CytRx had control and knowledge of The DreamTeam’s activities. On
this news, the price of CytRx stock fell $0.61, or 12.76%, from its
closing price of $4.78 per share on March 12, 2014, to close at $4.17
per share on March 13, 2014.
About Lieff Cabraser
Lieff Cabraser is a nationally recognized law firm committed to
advancing the rights of investors and promoting corporate responsibility.
For eleven years, the National Law Journal has selected Lieff
Cabraser as one of the top plaintiffs’ law firms in the nation. Best
Lawyers and U.S. News have also named Lieff Cabraser as a
“Law Firm of the Year” each year the publications have given this award
to law firms.
For more information about Lieff Cabraser and the firm’s representation
of investors, please visit http://www.lieffcabraser.com.
Copyright Business Wire 2014