Kahn Swick & Foti, LLC Announces Proposed Settlement of CytRx Corporation Securities Litigation

LOS ANGELES, Feb. 19, 2016 /PRNewswire/ -- The following statement is being issued by Kahn Swick & Foti, LLC regarding the CytRx Corporation Securities Litigation:

UNITED STATES DISTRICT COURT
CENTRAL DISTRICT OF CALIFORNIA

SUMMARY NOTICE OF PENDENCY AND PROPOSED SETTLEMENT OF CLASS ACTION, MOTION FOR ATTORNEYS' FEES AND LITIGATION EXPENSES, AND SETTLEMENT FAIRNESS HEARING

TO: ALL PERSONS AND ENTITIES WHO PURCHASED OR OTHERWISE ACQUIRED THE PUBLICLY TRADED SECURITIES OF CYTRX CORPORATION BETWEEN NOVEMBER 20, 2013 AND MARCH 13, 2014, INCLUSIVE (THE "CLASS").

YOU ARE HEREBY NOTIFIED, pursuant to Rule 23 of the Federal Rules of Civil Procedure and Order of the Court, that the above captioned action has been preliminary certified as a class action for purposes of settlement only and that a settlement for Eight Million Five Hundred Thousand Dollars ($8,500,000) of cash and stock ($4,000,000 in cash and $4,500,000 worth of stock) has been proposed.  A hearing will be held before the Honorable George H. King in the United States District Court for the Central District of California, U.S. Courthouse, 255 East Temple Street, Los Angeles, California 90012, Courtroom 650, at 9:30 a.m., on May 9, 2016 to determine whether: (1) the proposed Settlement should be approved as fair, reasonable and adequate; (2) the proposed Plan of Allocation should be approved as fair and reasonable; (3) Lead Counsel's application for an award of attorneys' fees and reimbursement of Litigation Expenses should be approved; (4) Lead Plaintiff's application for reimbursement of reasonable costs and expenses (including lost wages) in connection with representing the Class should be approved; and (5) the Action should be dismissed with prejudice against Defendants, and the releases specified and described in the Stipulation of Settlement dated December 8, 2015 should be granted.

IF YOU ARE A MEMBER OF THE CLASS DESCRIBED ABOVE, YOUR RIGHTS WILL BE AFFECTED AND YOU MAY BE ENTITLED TO SHARE IN THE SETTLEMENT FUND.

If you have not yet received the full printed Notice of Pendency and Proposed Settlement of Class Action, Motion for Attorneys' Fees and Litigation Expenses and Settlement Fairness Hearing (the "Notice") and Proof of Claim and Release form ("Claim Form"), you may obtain copies of these documents by contacting the Claims Administrator: CytRx Corp. Securities Litigation, c/o Gilardi & Co. LLC, P.O. Box 40007, College Station, TX 77842, (877) 368-7060. Copies of the Notice and Claim Form can also be downloaded from the website, www.CytrxSecuritiesLitigation.com.

If you are a Class Member, in order to be eligible to receive a payment under the proposed Settlement, you must submit a Claim Form postmarked no later than June 8, 2016. If you are a Class Member and do not submit a proper Claim Form, you will not be eligible to share in the distribution of the net proceeds of the Settlement but you will nevertheless be bound by any judgments entered by the Court in this Action. If you are a Class Member, you have the right to object to the proposed Settlement, the proposed Plan of Allocation, Claims Administration costs, the request by Lead Counsel for an award of attorneys' fees and Litigation Expenses and/or Lead Plaintiff's request for reimbursement of costs and expenses. Any objections must be filed with the Court and delivered to Lead Counsel and Defendants' Counsel such that they are received no later than April 18, 2016, in accordance with the instructions set forth in the Notice. The Court will consider and decide any such objections by Class Members, including objections to Claims Administration costs.  If you are a Class Member, you also have the right to exclude yourself from the Class. Requests for exclusion must be submitted to the Claims Administrator such that they are received no later than April 18, 2016, in accordance with the instructions set forth in the Notice. If you are a Class Member and do not exclude yourself from the Class, you will be bound by any judgments entered by the Court in this Action.

PLEASE DO NOT CONTACT THE COURT OR THE CLERK'S OFFICE REGARDING THIS NOTICE.

Inquiries, other than requests for the forms of the Notice and Claim Form, may be made to Lead Counsel:

Lead Counsel for Lead Plaintiff and the Class
KAHN SWICK & FOTI, LLC
Lewis S. Kahn
[email protected]
206 Covington St.
Madisonville, LA 70447
Telephone: (504) 455-1400
Facsimile: (504) 455-1498

Further information may also be obtained by directing your inquiry in writing to the Claims Administrator, Gilardi & Co, LLC. at the address listed above, or by visiting the website, www.CytrxSecuritiesLitigation.com.

SOURCE Kahn Swick & Foti, LLC