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You must submit the settlement Proof form attached below, in order to participate in this settlement. There is a strict deadline of February 20, 2018 by which all claims must be submitted. The instructions for submitting are included in the Proof and the Notice files attached below for your download. DO NOT SEND THE FORMS TO THE SHAREHOLDERS FOUNDATION, INC.
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Lawsuit Overview
Settlement Overview
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October 24, 2017 - The court preliminarily approved the settlement.
September 1, 2017 - A stipulation of settlement was filed by the parties.
January 9, 2017 - A motion to dismiss the amended consolidated complaint was filed.
November 8, 2016 - An amended consolidated complaint was filed.
May 19, 2016 - The case was transferred to the U.S. District Court for the Western District of Washington.
February 10, 2016 - An investor in shares of CTI BioPharma Corp (NASDAQ: CTIC) filed a lawsuit in the U.S. District Court for the Southern District of New York over alleged violations of Federal Securities Laws by CTI BioPharma Corp in connection with certain allegedly false and misleading statements made in connection with the Company’s public offering on or about September 24, 2015 and between March 4, 2014 and February 9, 2016.
According to the complaint the plaintiff alleges on behalf of investors who purchased or otherwise acquired CTI BioPharma Corp (NASDAQ: CTIC) securities pursuant and/or traceable to the Company’s Registration Statement and Prospectus (collectively, the “Registration Statement”) issued in connection with the Company’s public offering on or about September 24, 2015 (the “Offering”); and/or (2) between March 4, 2014 and February 9, 2016, that the defendants violated Federal Securities Laws. More specifically, the plaintiff claims that Defendants made false and/or misleading statements and/or failed to disclose that the detrimental effect on survival of pacritinib, that the Company’s clinical trials demonstrated deaths associated with pacritinib usage, that the Company’s new drug application for pacritinib would likely be withdrawn, that, as such, the Company’s future revenues were impaired, that the company lacked adequate internal controls, and that, as a result of the foregoing, the Company’s financial statements and defendants’ statements about CTI Biopharma’s business, operations, and prospects, were materially false and misleading at all relevant times. CTI BioPharma Corp reported that its annual Total Revenue rose from $34.68 million in 2013 to $60.08 million in 2014.
On February 8, 2016, CTI BioPharma Corp (NASDAQ: CTIC) announced that the Company received written communication from the U.S. Food and Drug Administration (FDA) on February 4, 2016, that the FDA has placed a partial clinical hold on the clinical studies being conducted under the Company's Investigational New Drug ( IND ) application for pacritinib. CTI BioPharma Corp said that this clinical hold impacts part of the clinical work currently being conducted under the IND and will also affect planned clinical trials. On February 9, 2016 CTI BioPharma Corp (NASDAQ: CTIC) provided an update regarding the clinical studies being conducted under the Company's Investigational New Drug ( IND ) application for pacritinib. CTI BioPharma Corp said that it received an oral communication from the FDA followed by a letter notifying the Company that the Company's IND for pacritinib has been placed on full clinical hold and that it has withdrawn its New Drug Application (NDA) until the Company has had a chance to review the safety and efficacy data from the PERSIST-2 Phase 3 clinical trial and decide next steps. Shares of CTI BioPharma Corp (NASDAQ: CTIC) declined to as low as $0.25 per share on February 10, 2016.