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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 November 16, 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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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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June 20, 2018 - The court preliminarily approved the settlement.
May 4, 2018 - A stipulation of settlement was filed by the parties.
August 14, 2017 - The court granted in part and denied in part defendants' motion to dismiss.
July 14, 2017 - A motion to dismiss the third amended consolidated complaint was filed.
June 29, 2017 - A third amended consolidated complaint was filed.
June 14, 2017 - The court granted the defendants' motion to dismiss. The plaintiffs were given leave to amend the complaint.
March 14, 2017 - A motion to dismiss the second amended consolidated complaint was filed.
January 25, 2017 - A second amended consolidated complaint was filed.
January 13, 2017 - An amended consolidated complaint was filed.
July 25, 2016 - An investor in shares of CytRx Corporation (NASDAQ: CYTR) filed a lawsuit in the U.S. District Court for the Central District of California over alleged violations of Federal Securities Laws by CytRx Corporation in connection with certain allegedly false and misleading statements made between November 18, 2014, and July 11, 2016.
According to the complaint the plaintiff alleges on behalf of purchasers of CytRx Corporation (NASDAQ: CYTR) common shares between November 18, 2014, and July 11, 2016, that the defendants violated Federal Securities Laws. More specifically, the plaintiff claims that between November 18, 2014, and July 11, 2016 defendants made allegedly false and/or misleading statements and/or failed to disclose: that the clinical hold placed on the Phase 3 trial of aldoxorubicin for STS would prevent sufficient follow-up for patients involved in the study, that, as a result, nearly half of all patients would be censored (excluded) from the progression free survival evaluation, that, in response, CytRx Corporation would likely conduct a second analysis, that, as such, the results of the trial could be materially affected and/or approval of aldoxorubicin for STS could be delayed, and that, as a result of the foregoing, defendants’ statements about CytRx Corporation’s business, operations, and prospects, were false and misleading and/or lacked a reasonable basis.
On July 11, 2016, CytRx Corporation announced the results of its Phase 3 clinical trial of aldoxorubicin, which did not show significant improvement over other commonly used cancer drugs. CytRx Corporation disclosed that nearly half of all patients in the Phase 3 trial were excluded from the data because the study was interrupted by a partial clinical hold in November 2014. Shares of CytRx Corporation (NASDAQ: CYTR) declined from $2.67 per share on July 11, 2016 to as low as $0.74 per share on July 12, 2016.