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Cellceutix Corp (OTC: CTIX) Investor Securities Class Action Lawsuit 09/11/2015

  • If you purchased shares of Cellceutix Corp (OTC: CTIX), you might have certain options and should contact the Shareholders Foundation, Inc.

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Lawsuit Overview

Case Dismissed
Company
Cellceutix Corp
Security
OTC: CTIX

Case Name
Cellceutix Shareholder Class Action Lawsuit 09/11/2015
Type of Lawsuit
Shareholder Class Action
Court of Filing
U.S. District Court for the Southern District of New York

Class Period Begin
Class Period End
Deadline To File for Lead
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Summary

September 6, 2016 - The U.S. Court of Appeals for the Second Circuit granted the stipulation withdrawing the appeal.
July 8, 2016 - The lead plaintiff filed a notice of appeal.

June 8, 2016 - The court granted defendants' motion to dismiss.

February 10, 2016 - Defendants filed a motion to dismiss.

January 11, 2016 - The lead plaintiff filed an amended complaint on behalf of investors who purchased Cellceutix Corp (OTC: CTIX) common shares between May 10, 2013 and September 11, 2015. The lead plaintiff alleges that the defendants violated the Securities Exchange Act of 1934 by issuing false and misleading statements between May 10, 2013 and September 11, 2015.

December 18, 2015 - Lead plaintiff and lead counsel were appointed.

November 10, 2015 - Lead plaintiff motion was filed.

September 24, 2015 - The plaintiff filed an amended complaint.

September 11, 2015 - An investor in shares of Cellceutix Corp (OTC: CTIX) filed a lawsuit in the U.S. District Court for the Southern District of New York over alleged violations of Federal Securities Laws by Cellceutix Corp in connection with certain allegedly false and misleading statements made between May 10, 2013 through August 6, 2015.

According to the complaint the plaintiff alleges on behalf of purchasers of Cellceutix Corp (OTC: CTIX) common shares between May 10, 2013 through August 6, 2015, that the defendants violated Federal Securities Laws. More specifically, the plaintiff claims that between May 10, 2013 through August 6, 2015, issued materially false and misleading statements to investors and/or failed to disclose that Cellceutix Corp’s antibiotic drug candidate Brilacidin is ineffective, that Cellceutix Corp’s anti-cancer drug candidate Kevetrin does not activate p-53 gene, which suppresses tumors, that Cellceutix Corp’s co-founder and Director, Krishna Menon, did not earn his PhD in Pharmacology from Harvard University, and that Cellceutix Corp’s public statements were materially false and misleading at all relevant times.

Beverly, MA based Cellceutix Corp is a clinical-stage biotechnology company focused on discovering small molecule drugs for diseases, including drug-resistant cancers, psoriasis, autism and inflammatory disease. Cellceutix Corp’s lead cancer compound, Kevetrin, and other oncology compound is Brilacidin-OM.

Shares of Cellceutix Corp (OTC: CTIX) grew from $1.66 per share in August 2014 to as high as $4.80 per share in December 2014.

On August 6, 2015, an article was published revealing that Cellceutix Corp (OTC: CTIX) misrepresented the efficacy of its drug candidates Brilacidin, Kevetrin, and Prurisol.

Shares of Cellceutix Corp (OTC: CTIX) declined on August 7, 2015, to as low as $1.32 per share.