IMPORTANT SHAREHOLDER ALERT: Wolf Haldenstein Adler Freeman & Herz LLP Announces That a Class Action Lawsuit Has Been Filed Against Cellceutix Corporation in the United States District Court for the Southern District of New York -- CTIX

Lead Plaintiff Deadline is November 10, 2015


NEW YORK, Oct. 02, 2015 (GLOBE NEWSWIRE) -- Wolf Haldenstein Adler Freeman & Herz LLP announces that a securities class action lawsuit has been commenced in the United States District Court for the Southern District of New York on behalf of investors who purchased or otherwise acquired the securities of Cellceutix Corporation (OTC:CTIX) (“Cellceutix” or the “Company”) securities during the period between May 10, 2013 through August 6, 2015, inclusive (the “Class Period”). Shareholders of Cellceutix Corporation with losses are urged to contact the firm immediately at classmember@whafh.com or (800) 575-0735 or (212) 545-4774.

If you purchased the shares of Cellceutix during the period from May 10, 2013 through August 6, 2015, inclusive, you may, no later than November 10, 2015, request that the Court appoint you lead plaintiff of the proposed class.

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 Brilacidin is not effective, and that Kevetrin does not activate the p-53 gene, a tumor suppressor and that Company President Krishna Menon did not earn his PhD in Pharmacology from Harvard University.

According to the complaint, following an August 6, 2015 SeekingAlpha.com report stating that the Company is a shell corporation, its science is demonstrably unviable, it is run by a management team with a history of shareholder value destruction, and its fair value is 96-99% lower than the current price; that Menon did not receive his PhD from Harvard; that Brilacidin was not effective against any of the eight bacteria strains targeted in the Phase II clinical trial and is without value and that Kevetrin does not stop cancer stem cells, the value of Cellceutix shares declined 30% on extremely high volume.

Wolf Haldenstein has extensive experience in the prosecution of securities class actions and derivative litigation in state and federal trial and appellate courts across the country.  The firm has attorneys in various practice areas; and offices in New York, Chicago and San Diego.  The reputation and expertise of this firm in shareholder and other class litigation has been repeatedly recognized by the courts, which have appointed it to major positions in complex securities multi-district and consolidated litigation.

If you wish to discuss this action or have any questions regarding your rights and interests in this case, please immediately contact Wolf Haldenstein Adler Freeman & Herz LLP by telephone at (800) 575-0735, via e-mail at classmember@whafh.com, or visit our website at www.whafh.com.  All e-mail correspondence should make reference to the “Cellceutix Investigation.”

Attorney Advertising. Prior results do not guarantee or predict a similar outcome.


            

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