NEW YORK, Sept. 15, 2015 (GLOBE NEWSWIRE) -- Gainey McKenna & Egleston announces that a class action lawsuit has been filed in the United States District Court for the Southern District of New York on behalf of all persons or entities who purchased the securities of Cellceutix Corporation (“Cellceutix” or the “Company”) (OTCMKTS:CTIX) between May 10, 2013 and August 6, 2015, inclusive (the “Class Period”). The Complaint charges the Company and certain of its officers and directors with violations of the federal securities law.
The Complaint alleges that throughout the Class Period, Defendants issued materially false and misleading statements and/or failed to disclose the following: (1) the Company’s antibiotic drug candidate Brilacidin is ineffective; (2) the Company’s anti-cancer drug candidate Kevetrin does not activate p-53 gene, which suppresses tumors; and (3) the Company’s co-founder and Director, Krishna Menon, did not earn his PhD in Pharmacology from Harvard University. As a result of the above, the Complaint charges that the Company’s public statements were materially false and misleading at all relevant times. On August 6, 2015, an article was published stating that the Company misrepresented the efficacy of its drug candidates Brilacidin, Kevetrin, and Prurisol.
If you wish to serve as lead plaintiff, you must move the Court no later than November 10, 2015. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation. If you wish to join the litigation, or to discuss your rights or interests regarding this class action, please contact Thomas J. McKenna, Esq. or Gregory M. Egleston, Esq. of Gainey McKenna & Egleston at (212) 983-1300, or via e-mail at tjmckenna@gme-law.com or gegleston@gme-law.com.
Attorney Advertising -- Prior results do not guarantee a similar outcome with respect to any future matter. Please visit our website at http://www.gme-law.com for more information about the firm.