June 19, 2013 (Shareholders Foundation) - An investigation on behalf of current long-term stockholders of shares of Cell Therapeutics Inc (NASDAQ:CTIC) was announced concerning whether certain Cell Therapeutics officers and directors possibly breached their fiduciary duties in connection with certain statements.

The investigation by a law firm concerns whether certain Cell Therapeutics officers and directors breached their fiduciary duties in connection with their conduct in seeking shareholders approval for an amendment to the 2007 Equity Incentive Plan.

In the Proxy Statement filed by Cell Therapeutics Inc with the Securities and Exchange Commission the Board of Directors recommends that Cell Therapeutics shareholders vote to approve an amendment to increase the number of shares available for issuance under the 2007 Equity Plan by 12,000,000 shares

According to the investigation the issuance of the additional shares could have a severe dilutive effect on the shares of NASDAQ:CTIC common stock.

Cell Therapeutics Inc reported that its Net Loss increased from $62.36 million in 2011 to $101.37 million in 2012.

Shares of Cell Therapeutics Inc (NASDAQ:CTIC) declined from as high as $3.56 per share in September 2012 to slightly $1 per share in late March 2013.

On June 18, 2013, NASDAQ:CTIC shares closed at $1.33 per share.