Schatz & Nobel, P.C. Announces Class Action Lawsuit Against Cell Therapeutics, Inc.
HARTFORD, Conn., March 11 /PRNewswire/ — The law firm of Schatz & Nobel,
P.C., which has significant experience representing investors in prosecuting
claims of securities fraud, announces that 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. (Nasdaq: CTIC) (“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 are a member of the class, you may, no later than May 9, 2005,
request that the Court appoint you as lead plaintiff of the class. A lead
plaintiff is a class member that acts on behalf of other class members in
directing the litigation. Although your ability to share in any recovery is
not affected by the decision whether or not to seek appointment as a lead
plaintiff, lead plaintiffs make important decisions which could affect the
overall recovery for class members, including decisions concerning settlement.
The securities laws require the Court to consider the class member(s) with the
largest financial interest as presumptively the most adequate lead
plaintiff(s).
For more information about the case, its claims, and your rights, please
contact Schatz & Nobel toll-free at (800) 797-5499, or by e-mail at
sn06106@aol.com. To view a copy of the Complaint initiating the class action,
which was not filed by Schatz & Nobel, or for more information about this
case, class action cases in general, or Schatz & Nobel, please visit our
website: http://www.snlaw.net.
HARTFORD, Conn., March 11 2005 – LAWFUEL – The Law News Network – The law firm of Schatz & Nobel, P.C., which has significant experience representing investors in prosecuting claims of securities fraud, announces that 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. (Nasdaq: CTIC) (“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 are a member of the class, you may, no later than May 9, 2005,
request that the Court appoint you as lead plaintiff of the class. A lead
plaintiff is a class member that acts on behalf of other class members in
directing the litigation. Although your ability to share in any recovery is
not affected by the decision whether or not to seek appointment as a lead
plaintiff, lead plaintiffs make important decisions which could affect the
overall recovery for class members, including decisions concerning settlement.
The securities laws require the Court to consider the class member(s) with the
largest financial interest as presumptively the most adequate lead
plaintiff(s).
For more information about the case, its claims, and your rights, please
contact Schatz & Nobel toll-free at (800) 797-5499, or by e-mail at
sn06106@aol.com. To view a copy of the Complaint initiating the class action,
which was not filed by Schatz & Nobel, or for more information about this
case, class action cases in general, or Schatz & Nobel, please visit our
website: http://www.snlaw.net.
