NEW YORK, March 18, 2014 (GLOBE NEWSWIRE) -- Gainey McKenna & Egleston announces that a class action lawsuit has been filed in the United States District Court for the Central District of California, on behalf of all persons who purchased or otherwise acquired the securities of CytRx Corporation ("CytRx" or the "Company") (Nasdaq:CYTR) during the period between November 22, 2013 and March 13, 2014 (the "Class Period").
The Complaint alleges that during the Class Period CytRx violated the U.S. securities laws by failing to adequately disclose that certain articles regarding the Company were actually paid promotional materials issued by the stock promoting company The DreamTeam Group. The lawsuit alleges CytRx's failure to disclose the true nature of the articles caused its stock to trade at artificially inflated prices. On March 13, 2014, Seeking Alpha published an article revealing The DreamTeam Group's alleged involvement in promoting CytRx's stock, and CytRx's stock price fell dramatically.
If you wish to serve as lead plaintiff, you must move the Court no later than May 13, 2014. 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 email@example.com or firstname.lastname@example.org.
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Source:Gainey McKenna& Egleston