| Company: | Cell Therapeutics, Inc. |
| Ticker Symbol: | NASD: CTIC |
| Class Period: | June 7, 2004 to March 4, 2005 |
| Date Filed: | Mar-11-05 |
| Lead Plaintiff Deadline: | May-09-05 |
| Court: | Western District, WA |
| Allegations: |
A lawsuit seeking class action status has been filed in the United States District Court for the Western District of Washington on behalf of all persons who purchased the publicly traded securities of Cell Therapeutics, Inc. ("CTI" or "the Company") between June 7, 2004 and March 4, 2005, inclusive (the "Class Period").
The Complaint alleges that CTI violated federal securities laws by issuing false or misleading information concerning the development of its drug XYOTAX. Specifically, the Complaint alleges that CTI failed to disclose and misrepresented the following material adverse facts which were known to defendants or recklessly disregarded by them: (1) that contrary to the defendant's express and repeated representations the results of STELLAR 3 trial were not encouraging; (2) that XYOTAX failed to boost survival for non-small cell lung cancer; (3) that XYOTAX failed to show greater survival benefit than Taxol, the leading drug on the market; and (4) that based on the results of the trial the Company would not be able to begin pre-launch activities and to position itself to submit a new drug application for XYOTAX.
On March 7, 2005, prior to the opening of the market, CTI announced that a phase III study of XYOTAX in combination with carboplatin, known as STELLAR 3, missed its primary endpoint. On this news, CTI shares fell $4.75 per share or 47.5%, on March 7, 2005, to close at $5.25 per share.
If you acquired the securities of the defendants during the Class Period you may, no later than the Lead Plaintiff Deadline shown above, request that the Court appoint you as lead plaintiff through counsel of your choice. You may also choose to remain an absent class member. A lead plaintiff must meet certain requirements.
The Complaint alleges that CTI violated federal securities laws by issuing false or misleading information concerning the development of its drug XYOTAX. Specifically, the Complaint alleges that CTI failed to disclose and misrepresented the following material adverse facts which were known to defendants or recklessly disregarded by them: (1) that contrary to the defendant's express and repeated representations the results of STELLAR 3 trial were not encouraging; (2) that XYOTAX failed to boost survival for non-small cell lung cancer; (3) that XYOTAX failed to show greater survival benefit than Taxol, the leading drug on the market; and (4) that based on the results of the trial the Company would not be able to begin pre-launch activities and to position itself to submit a new drug application for XYOTAX.
On March 7, 2005, prior to the opening of the market, CTI announced that a phase III study of XYOTAX in combination with carboplatin, known as STELLAR 3, missed its primary endpoint. On this news, CTI shares fell $4.75 per share or 47.5%, on March 7, 2005, to close at $5.25 per share.
If you acquired the securities of the defendants during the Class Period you may, no later than the Lead Plaintiff Deadline shown above, request that the Court appoint you as lead plaintiff through counsel of your choice. You may also choose to remain an absent class member. A lead plaintiff must meet certain requirements.
If you feel you qualify for damages or remedies that might be awarded in this class action please fill in our form on the right to submit your complaint.
If you are a current or former employee of this company, and have 401(k) shares, please use this form to register your complaint. Thank you.
