A Cell Therapeutics investor filed a lawsuit on behalf of purchasers of the common stock of Cell Therapeutics, Inc. (CTIC) between May 5, 2009 and February 8, 2010, including those who purchased shares in the Secondary Offering on or around July 22, 2009. Meanwhile an investigation on behalf of current long term investors Cell Therapeutics, Inc. (NASDAQ: CTIC), including those CTIC investors who purchased their Cell Therapeutics stock prior to May 2009, was announced.

According to the complaint filed in the United States District Court for the Western District of Washington the plaintiff alleges that Cell Therapeutics and certain of its executives failed between May 5, 2009 and February 8, 2010 to disclose material adverse facts about the its business and prospects. Cell Therapeutics, Inc., located in Seattle, WA, develops, acquires and commercializes treatments for cancer. It focuses on building a biopharmaceutical company with a diversified portfolio of oncology drugs. Its research, development, acquisition and in-licensing activities concentrate on identifying and developing less toxic ways to treat cancer.

On February 8, 2010, the United States Food and Drug Administration (FDA) posted its assessment of pixantrone in advance of its February 10, 2010 advisory meeting. With regard to the regulatory history of pixantrone, the FDA Briefing Document stated, among other things, that Cell Therapeutics Special Protocol Assessment was invalidated in March 2008 and that its pixantrone study results were not meeting the FDAs standards for approval.
Cell Therapeutics, Inc. shares (CTIC) split in 2008 and traded recently at $0.54 per share, down from its 52weekHigh of $2.23 per share.