NEW ORLEANS, May 1, 2014 (GLOBE NEWSWIRE) -- Kahn Swick & Foti, LLC ("KSF") and KSF partner, the former Attorney General of Louisiana, Charles C. Foti, Jr., remind investors that they have until May 13, 2014 to file lead plaintiff applications in a securities class action lawsuit against CytRx Corporation (Nasdaq:CYTR), if they purchased the Company's securities during the period between November 22, 2013 and March 13, 2014, inclusive (the "Class Period"). This action is pending in the United States District Court for the Central District of California.
What You May Do
If you purchased shares of CytRx and would like to discuss your legal rights and how this case might affect you and your right to recover for your economic loss, you may, without obligation or cost to you, call toll-free at 1-877-515-1850, or email KSF Managing Partner Lewis Kahn (lewis.kahn@ksfcounsel.com) or KSF Partner Melinda Nicholson (melinda.nicholson@ksfcounsel.com). If you wish to serve as a lead plaintiff in this class action, you must petition the Court by May 13, 2014.
About the Lawsuit
CytRx and certain of its executives are charged with issuing a series of materially false and misleading statements during the Class Period, violating federal securities laws.
On February 12, 2014, TheStreet.com published an article accusing Galena Biopharma, Inc. of paying a subsidiary of the stock promotion firm The DreamTeam Group and MissionIR to begin a misleading campaign designed to boost Galena's stock price. Defendant Kriegsman is both CEO of CytRx and a director of Galena.
Thereafter, CytRx's alleged stock-touting practices and employment of the DreamTeam were unveiled. On March 13, 2014, an additional published report alleged that CytRx shares quadrupled during the promotion managed by DreamTeam and that company management edited and approved the paid articles.
On this news, the price of CytRx plummeted.
About Kahn Swick & Foti, LLC
To learn more about KSF, whose partners include the Former Louisiana Attorney General, Charles C. Foti, Jr., and other lawyers with significant experience litigating complex securities class actions nationwide on behalf of both institutional and individual shareholders, you may visit www.ksfcounsel.com.