NEW YORK--(BUSINESS WIRE)--Bragar Eagel & Squire, P.C., a nationally recognized shareholder rights law firm, announces that a class action lawsuit has been filed in the United States District Court for the Western District of Washington on behalf of investors that purchased CytoDyn, Inc. (Other OTC: CYDY) common stock between March 27, 2020 and March 9, 2021, inclusive (the “Class Period”). Investors have until May 17, 2021 to apply to the Court to be appointed as lead plaintiff in the lawsuit.
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CytoDyn is focused on the development and commercialization of a drug named “Leronlimab” which has long been promoted as a potential therapy for HIV patients. Since the beginning of the global COVID-19 pandemic, however, CytoDyn has begun to aggressively tout Leronlimab as a treatment for COVID-19.
Beginning on March 5, 2021 CytoDyn began issuing press releases that described the results of Phase IIb/III testing data. In these releases, CytoDyn disclosed that the primary endpoint for the Leronlimab study (all-cause mortality at Day 28) was not statistically significant.
After closing at $4.05 on March 5, 2021, CytoDyn shares dropped over 28% to close at $2.91 on March 8, 2021. On March 9, 2021, CytoDyn shares dropped an additional 19% to close at $2.35.
The complaint, filed on March 17, 2021, alleges that defendants violated provisions of the Exchange Act by making false and misleading statements concerning Leronlimab being used as a treatment for COVID-19.
If you purchased CytoDyn common stock during the Class Period and suffered a loss, are a long-term stockholder, have information, would like to learn more about these claims, or have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Brandon Walker, Melissa Fortunato, or Marion Passmore by email at email@example.com, telephone at (212) 355-4648, or by filling out this contact form. There is no cost or obligation to you.
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Bragar Eagel & Squire, P.C. is a nationally recognized law firm with offices in New York, California, and South Carolina. The firm represents individual and institutional investors in commercial, securities, derivative, and other complex litigation in state and federal courts across the country. For more information about the firm, please visit www.bespc.com. Attorney advertising. Prior results do not guarantee similar outcomes.