STEVENSON, Md., March 18, 2014 (GLOBE NEWSWIRE) -- Brower Piven, A Professional Corporation announces that a class action lawsuit has been commenced in the United States District Court for the Central District of California on behalf of purchasers of CytRx Corporation ("CytRx" or the "Company") (Nasdaq:CYTR) common stock during the period between November 22, 2013 and March 13, 2014, inclusive (the "Class Period").
If you have suffered a loss from investment in CytRx common stock purchased on or after November 22, 2013 and held through the revelation of negative information on March 13, 2014, as described below, you may obtain additional information about this lawsuit and your ability to become a lead plaintiff, at no cost to you, by contacting Brower Piven at www.browerpiven.com, by email at email@example.com, by calling 410/415-6616, or at Brower Piven, A Professional Corporation, 1925 Old Valley Road, Stevenson, Maryland 21153. Attorneys at Brower Piven have combined experience litigating securities and class action cases of over 60 years.
No class has yet been certified in the above action. Members of the Class will be represented by the lead plaintiff and counsel chosen by the lead plaintiff. If you wish to choose counsel to represent you and the Class, you must apply to be appointed lead plaintiff no later than May 13, 2014 and be selected by the Court. The lead plaintiff will direct the litigation and participate in important decisions including whether to accept a settlement and how much of a settlement to accept for the Class in the action. The lead plaintiff will be selected from among applicants claiming the largest loss from investment in Company units during the Class Period.
The complaint accuses the defendants of violations of the Securities Exchange Act of 1934 by virtue of the defendants' failure to disclose during the Class Period that certain articles regarding the Company were actually paid promotional materials issued by the stock promoting company, DreamTeamGroup. According to the complaint, following the article published by Seeking Alpha on March 13, 2014, revealing DreamTeamGroup's alleged involvement in promoting CytRx's stock, the value of CytRx's shares declined significantly.
If you choose to retain counsel, you may retain Brower Piven without financial obligation or cost to you, or you may retain other counsel of your choice. You need take no action at this time to be a member of the class.
Charles J. Piven, Brower Piven, A Professional Corporation, Stevenson, Maryland, 410/415-6616, firstname.lastname@example.org