NEW YORK, NY--(Marketwired - Mar 29, 2014) - Faruqi & Faruqi, LLP, a leading national securities law firm, reminds investors in CytRx Corporation ("CytRx" or the "Company") (
A complaint has been filed on behalf of all persons who purchased CytRx securities between November 20, 2013 and March 13, 2014, inclusive (the "Class Period") in the Central District of California.
The complaint alleges that the Company and its executives violated federal securities laws with respect to its disclosures concerning its business, operations, and prospects.
Specifically, the action alleges that throughout the Class Period defendants made false and/or misleading statements and/or failed to disclose that: (i) CytRx had hired a promoter for the purpose of increasing its share price; and (ii) the promoter did not properly disclose its paid marketing relationship in connection with the posting of misleading articles on behalf of CytRx.
On March 13, 2014, an article published on www.seekingalpha.com alleging that the Company's promoter utilized multiple aliases on third party websites, occasionally posing as hedge fund managers touting the stock.
Following this news, the Company's stock declined $0.61 per share, or over 12%, to close at $4.17 per share on March 13, 2014.
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If you invested in CytRx stock or options between November 20, 2013 and March 13, 2014 and would like to discuss your legal rights, visit www.faruqilaw.com/CYTR. You can also contact us by calling Richard Gonnello or Francis McConville toll free at 877-247-4292 or at 212-983-9330 or by sending an e-mail to email@example.com or firstname.lastname@example.org. Faruqi & Faruqi, LLP also encourages anyone with information regarding CytRx's conduct to contact the firm, including whistleblowers, former employees, shareholders and others.
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