August 26, 2013 (Shareholders Foundation) - An investigation on behalf of investors of GTx, Inc. (NASDAQ:GTXI) shares over potential securities laws violations by GTx, Inc. 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 GTx, Inc. (NASDAQ:GTXI) concerning whether a series of statements by GTx, Inc. regarding its business, its prospects and its operations were materially false and misleading at the time they were made.

GTx, Inc. reported that its annual Total Revenue declined from $56.79 million in 2010 to $8.07 million in 2011 and that its Net Income of $15.30 million in 2010 turned into a Net loss of $3.29 million in 2011.

Shares of GTx, Inc. (NASDAQ:GTXI) grew from $2.36 per share in late 2011 to as high as $7.14 per share in June 2013.

On August 19, 2013, GTx, Inc. announced the results of its two Phase 3 enobosarm clinical trials, the POWER trials, in patients with non-small cell lung cancer (NSCLC) receiving chemotherapy. The Company announced that the clinical trials failed to meet the overall criteria for the co-primary responder endpoints of lean body mass and physical function as agreed upon with the United States Food and Drug Administration (FDA); the responder endpoints showed mixed results (for POWER1 and POWER2, p values at Day 84 for LBM were 0.036 and 0.113, respectively; p values at Day 84 for SCP were 0.315 and 0.289, respectively).

Shares of GTx, Inc. (NASDAQ:GTXI) declined from over $7 in June 2013 to as low as $1.35 per share on August 22, 2013.