NEW YORK, April 5, 2016 /PRNewswire/ -- Faruqi & Faruqi, LLP, a leading national securities law firm, reminds investors in CTI BioPharma Corp. ("CTI" or the "Company") (NASDAQ: CTIC) of the April 11, 2016 deadline to seek the role of lead plaintiff in a federal securities class action lawsuit filed against the Company and certain officers.
The lawsuit has been filed in the U.S. District Court for the Southern District of New York on behalf of all those who purchased CTI securities between March 4, 2014 and February 9, 2016 (the "Class Period") and/or pursuant to the Company's public offering on September 24, 2015. The case, Ahrens et al v. CTI Biopharma, Corp. et al, No. 1:16-cv-01044 was filed on February 10, 2016, and is assigned to Judge Paul A. Engelmayer.
The lawsuit 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 conducting in connection with the 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 the control arm in the PERSIST-1 trial. On February 9, 2016, CTI further disclosed that the FDA had placed the IND for pacritinib on full clinical hold.
After these disclosures, CTI's share price fell from a closing price of $1.12 per share on February 5, 2016 to a closing price of $0.30 on February 10, 2016 —a $0.82 or a 73.2143% drop.
Request more information now by clicking here: www.faruqilaw.com/CTI. There is no cost or obligation to you.
If you invested in CTI securities during the Class Period and/or pursuant to the September 24, 2015 public offering 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.
The court-appointed lead plaintiff is the investor with the largest financial interest in the relief sought by the class that is adequate and typical of class members who directs and oversees the litigation on behalf of the putative class. Any member of the putative class may move the Court to serve as lead plaintiff through counsel of their choice, or may choose to do nothing and remain an absent class member. Your ability to share in any recovery is not affected by the decision of whether or not to serve as a lead plaintiff.
Attorney Advertising. The law firm responsible for this advertisement is Faruqi & Faruqi, LLP (www.faruqilaw.com). Prior results do not guarantee or predict a similar outcome with respect to any future matter. We welcome the opportunity to discuss your particular case. All communications will be treated in a confidential manner.
FARUQI & FARUQI, LLP
685 Third Avenue, 26th Floor
New York, NY 10017
Attn: Richard Gonnello, Esq.
Telephone: (877) 247-4292 or (212) 983-9330
To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/shareholder-alert-faruqi--faruqi-llp-encourages-investors-who-suffered-losses-in-excess-of-50000-investing-in-cti-biopharma-corp-to-contact-the-firm-before-lead-plaintiff-deadline-300246529.html
SOURCE Faruqi & Faruqi, LLP