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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 June 8, 2016 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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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
You must register to view and download the Settlement Notice and Settlement Proof.
January 20, 2016 - The court preliminarily approved the settlement.
December 8, 2015 - A stipulation of settlement was filed by the parties.
July 13, 2015 - The court granted in part and denied in part defendants' motion to dismiss.
December 5, 2014 - A motion to dismiss the consolidated complaint was filed.
October 1, 2014 - A consolidated complaint was filed.
March 14, 2014 - An investor in shares of CytRx Corporation (NASDAQ: CYTR) filed a lawsuit in the U.S. District Court for the Central District of California against CytRx Corporation over alleged violations of Federal Securities Laws in connection with certain allegedly false and misleading statements made between November 22, 2013 and March 13, 2014.
According to the complaint the plaintiff alleges on behalf of all persons or entities who purchased or otherwise acquired securities of CytRx Corporation (NASDAQ: CYTR) November 22, 2013 and March 13, 2014 including purchasers in CytRx Corporation's public offering completed on February 5, 2014, that CytRx Corporation and certain of its officers and directors violated Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 and Rule 10b-5 promulgated thereunder. More specifically, the plaintiff claims that CytRx Corporation, its CEO, and two stock promotion firms made misleading statements and failed to disclose that numerous articles touting CytRx Corporation stock issued by the stock promotion firms were paid stock promotions and when the market began to learn of the true facts through partial disclosures, the value of CytRx Corporation stock dropped damaging investors. CytRx Corporation reported that its annual Total Revenue increased from $0.10 million in 2012 to $0.30 million in 2013 while its respective Net Loss increased from $17.96 million to $47.49 million. Shares of CytRx Corporation (NASDAQ: CYTR) grew from $2.10 per share in November 2013 to as high as $8.08 per share on January 10, 2014, respectively $7.98 per share on January 30, 2014.
On March 13, 2014 an article was published that alleged CytRx Corporation hired The DreamTeam Group to tout its stock. According to the allegations DreamTeam Group itself then published a variety of articles, many if not all of which misleadingly omitted to disclose that DreamTeam Group was paid by CytRx Corporation to promote it and that several of the articles were also falsely attributed to various third parties. Shares of CytRx Corporation (NASDAQ: CYTR) declined to $3.61 per share on March 14, 2014.