SAN FRANCISCO--(BUSINESS WIRE)--Lieff, Cabraser, Heimann & Bernstein, LLP reminds investors of the May 14, 2014 deadline to move for appointment as lead plaintiff in the securities class litigation brought on behalf of those who purchased or acquired the securities of CytRx Corporation (“CytRx” or the “Company”) (NasdaqCM:CYTR) between November 30, 2013 and March 13, 2014, inclusive (the “Class Period”).
If you purchased or acquired the securities of CytRx during the Class Period, you may move the Court for appointment as lead plaintiff by no later than May 14, 2014. A lead plaintiff is a representative party who acts on behalf of other class members in directing the litigation. Your share of any recovery in the action will not be affected by your decision of whether to seek appointment as lead plaintiff. You may retain Lieff Cabraser, or other attorneys, as your counsel in the action.
CytRx investors who wish to learn more about the action and how to seek appointment as lead plaintiff should click here or contact Sharon M. Lee of Lieff Cabraser toll-free at 1-800-541-7358.
The actions charge CytRx, its Chief Executive Officer, and stock promotion firms the DreamTeamGroup (“The DreamTeam”) and MissionIR with violations of the Securities and Exchange Act of 1934. CytRx, headquartered in Los Angeles, California, is a biopharmaceutical research and development company.
The actions allege that during the Class Period, defendants made misleading statements and failed to disclose that numerous articles issued by The DreamTeam and MissionIR touting CytRx stock were in fact paid stock promotions under the control of CytRx.
On February 12, 2014, an article published on TheStreet.com reported that Galena BioPharma, Inc. (“Galena”) had paid The DreamTeam and MissionIR to promote its stock without properly disclosing its paid relationship and that CytRx had also retained DreamTeam. On this news, the price of CytRx stock fell $0.54, or 8.18%, from its closing price of $6.60 per share on February 11, 2014, to close at $6.04 per share on February 12, 2014.
On March 13, 2014, an article published on SeekingAlpha.com revealed that CytRx had control and knowledge of The DreamTeam’s activities. On this news, the price of CytRx stock fell $0.61, or 12.76%, from its closing price of $4.78 per share on March 12, 2014, to close at $4.17 per share on March 13, 2014.
About Lieff Cabraser
Lieff Cabraser is a nationally recognized law firm committed to advancing the rights of investors and promoting corporate responsibility.
For eleven years, the National Law Journal has selected Lieff Cabraser as one of the top plaintiffs’ law firms in the nation. Best Lawyers and U.S. News have also named Lieff Cabraser as a “Law Firm of the Year” each year the publications have given this award to law firms.
For more information about Lieff Cabraser and the firm’s representation of investors, please visit http://www.lieffcabraser.com.