NEW YORK, Feb. 10, 2016 /PRNewswire/ -- Faruqi & Faruqi, LLP, a leading national securities law firm, is investigating potential securities fraud at CTI BioPharma Corp. ("CTI" or "Company") (NASDAQ: CTIC).
The investigation focuses on whether the Company and its executives violated federal securities laws by failing to disclose material information regarding CTI's primary product, pacritinib. Specifically, on February 8, 2016, the Company announced that the U.S. Food and Drug Administration (the "FDA") had placed a partial hold on the clinical studies being conducted in connection with its Investigational New Drug application (the "IND") for pacritinib. According to the Company, the FDA cited excess mortality and other adverse events in pacritinib-treated patients compared to the control arm in the PERSIST-1 trial in its written notification. On February 9, 2016, CTI further disclosed that the FDA had placed the IND for pacritinib on full clinical hold.
After the announcement, CTI's share price fell over 42% in morning trading on February 10, 2016.
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If you invested in CTI securities and would like to discuss your legal rights, visit www.faruqilaw.com/CTI. You can also contact us by calling Richard Gonnello toll free at 877-247-4292 or at 212-983-9330 or by sending an e-mail to firstname.lastname@example.org. Faruqi & Faruqi, LLP also encourages anyone with information regarding CTI's conduct to contact the firm, including whistleblowers, former employees, shareholders and others.
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