NEW YORK, April 11, 2014 /PRNewswire/ -- Levi & Korsinsky announces that a class action lawsuit has been commenced in the United States District Court for the Central District of California on behalf of investors who purchased CytRx Corporation ("CytRx" or the "Company") (NasdaqCM: CYTR) common stock between November 22, 2013 and March 13, 2014.
The complaint alleges that the Company, its CEO, and two stock promotion firms made misleading statements and/or failed to disclose that numerous articles praising CytRx stock were paid stock promotions. The complaint alleges that these allegedly undisclosed promotions led to the artificial inflation of CytRx stock. On March 13, 2014, an article on the website SeekingAlpha asserted that certain articles touting CytRx stock were in fact undisclosed paid promotional articles by the investor relations firm The Dream Team Group, and that, furthermore, during the "peak of the promotion" the Company issued $86 million in new equity.
If you suffered a loss in CytRx you have until May 13, 2014 to request that the Court appoint you as lead plaintiff. Your ability to share in any recovery doesn't require that you serve as a lead plaintiff. To obtain additional information, contact Joseph E. Levi, Esq. either via email at [email protected] or by telephone at (212) 363-7500, toll-free: (877) 363-5972, or visit http://zlk.9nl.com/cytrx.
Levi & Korsinsky is a national firm with offices in New York, New Jersey, Connecticut and Washington D.C. The firm's 26 attorneys have extensive expertise in prosecuting securities litigation involving financial fraud, representing investors throughout the nation in securities and shareholder lawsuits. For more information, please feel free to contact any of the attorneys listed below. Attorney advertising. Prior results do not guarantee similar outcomes.
CONTACT: Levi & Korsinsky, LLP Joseph Levi, Esq. Eduard Korsinsky, Esq. 30 Broad Street - 24th Floor New York, NY 10004 Tel: (212) 363-7500 Toll Free: (877) 363-5972 Fax: (212) 363-7171 www.zlk.com