BENSALEM, Pa.--(BUSINESS WIRE)--Law Offices of Howard G. Smith reminds investors of the upcoming September 23, 2016 deadline to file a lead plaintiff motion in the class action lawsuit filed on behalf of investors who purchased or otherwise acquired CytRx Corporation (“CytRx” or the “Company”) (NASDAQ: CYTR) securities between November 18, 2014 and July 11, 2016, inclusive (the “Class Period”). CytRx investors have until September 23, 2016 to file a lead plaintiff motion.
The Complaint alleges that throughout the Class Period, Defendants made materially false and misleading statements regarding the Company's business, operational and compliance policies. Specifically, Defendants made false and/or misleading statements and/or failed to disclose: (1) that the clinical hold placed on the Phase 3 trial of aldoxorubicin for soft tissue sarcomas ("STS") would prevent sufficient follow-up for patients involved in the study; (2) that, as a result, nearly half of all patients would be censored (excluded) from the progression free survival evaluation; (3) that, in response, CytRx would likely conduct a second analysis; (4) that, as such, the results of the trial could be materially affected and/or approval of aldoxorubicin for STS could be delayed; and (5) that, as a result of the foregoing, Defendants' statements about CytRx's business, operations, and prospects, were false and misleading and/or lacked a reasonable basis.
On July 11, 2016, CytRx released the results of its Phase 3 clinical trial of aldoxorubicin, a product candidate designed for patients with soft tissues sarcomas (“STS”), which did not show noticeable improvement over other widely used cancer drugs. Additionally, the Company announced that nearly half of the patients in the Phase 3 trial were excluded from the data due to a partial clinical hold back in November 2014. Following this disclosure, shares of CytRx were down over 63% during intraday trading on July 12, 2016.
If you purchased CytRx shares, you may move the Court no later than September 23, 2016 to request appointment as lead plaintiff. To be a member of the class you need not take any action at this time; you may retain counsel of your choice or take no action and remain an absent member of the Class. If you wish to learn more about this action, or if you have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Howard G. Smith, Esquire, of Law Offices of Howard G. Smith, 3070 Bristol Pike, Suite 112, Bensalem, Pennsylvania 19020 by telephone at (215) 638-4847, toll-free at (888) 638-4847, or by email to email@example.com, or visit our website at http://www.howardsmithlaw.com.
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