March 17, 2014 (Shareholders Foundation) - An investigation on behalf of investors of CytRx Corporation (NASDAQ:CYTR) shares over potential securities laws violations by CytRx and certain of its directors and officers in connection certain financial statements was announced.

The investigation by a law firm focuses on possible claims on behalf of purchasers of the securities of CytRx Corporation (NASDAQ:CYTR) concerning whether a series of statements by CytRx regarding its business, its prospects and its operations were materially false and misleading at the time they were made.

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 Janaury 10, 2014, respectively $7.98 per share on January 30, 2014.

Then on March 13, 2013 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 declined to $3.64 per share on March 14, 2014.