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If you purchased shares of Cell Therapeutics Inc (NASDAQ: CTIC), you might have certain options and should contact the Shareholders Foundation, Inc.
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To have your information reviewed for options and to receive notifications about this case, please send an email to mail@shareholdersfoundation.com, or call us at (858) 779-1554.
Lawsuit Overview
Settlement Overview
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July 25, 2012 - The court approved the settlement, entered the orders approving the plan of allocation, the motion for attorneys’ fees and expenses, and dismissed the action with prejudice.
March 16, 2012 - The court preliminarily approved the settlement.
February 14, 2012 - Parties filed a stipulation of settlement.
February 4, 2011 - The court granted in part and denied in part the defendants' motion to dismiss.
October 27, 2010 - The defendants filed a motion to dismiss.
September 27, 2010 - The lead plaintiff filed an amended complaint.
August 2, 2010 - The lead plaintiff and lead counsel were appointed and call cases were consolidated.
May 11, 2010 - Lead plaintiff motions were filed.
March 12, 2010 - An investor in shares of Cell Therapeutics Inc (NASDAQ: CTIC) filed a lawsuit in the U.S. District Court for the Western District of Washington against Cell Therapeutics Inc over alleged violations of Federal Securities Laws in connection with certain allegedly false and misleading statements made between May 5, 2009 and February 8, 2010.
According to the complaint the plaintiff alleges that, between May 5, 2009 and February 8, 2010, defendants failed to disclose material adverse facts about Cell Therapeutics Inc’s business and prospects. Specifically, the complaint alleges that defendants failed to disclose: (a) that the Special Protocol Assessment (“SPA”) with the United States Food and Drug Administration (“FDA”) for pixantrone was invalidated in March 2008; (b) that Cell Therapeutics Inc’s pixantrone study enrolled a large number of patients who did not suffer from aggressive non-Hodgkin’s lymphoma; (c) that Cell Therapeutics Inc’s pixantrone drug was cardiotoxic; and (d) that, as a result of the foregoing, defendants lacked a reasonable basis for their positive statements about pixantrone and its prospects.
On February 8, 2010, the 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 Inc’s SPA was invalidated in March 2008 and that Cell Therapeutics Inc’s pixantrone study results were not meeting the FDA’s standards for approval.
Cell Therapeutics Inc shares (NASDAQ: CTIC) split in 2008 and traded recently at $0.997 per share, down from its 52weekHigh of $2.23 per share. CTIC reached an unbelievable $2940 per share during the dotcom bubble in 2000, and continued to fall to approximately $1000 per share in 2001 with an additional substantial decline in 2002 from $1000 to $300 per share. Since 2002 CTIC has lost ground a traded before the financial crisis in 2008 under $5 per share.