In Re CytRx Corporation Securities Litigation

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In Re CytRx Corporation Securities Litigation
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The information contained on this website is only a summary.

 

More information regarding the Action is contained in the detailed Notice of (I) Pendency of Class Action, Certification of Settlement Class, and Proposed Settlement;(II) Settlement Fairness Hearing; (III) Motion for an Award of Attorneys’ Fees and Reimbursement of Litigation Expenses; and (IV) Plan of Allocation (the “Settlement Notice”) You may download a copy of the Settlement Notice by clicking here.

 

The Class:

The “Class,” as certified by the Court, consists of:

All persons or entities who purchased or otherwise acquired CytRx Common Stock or exchange-traded CytRx Call Options or sold exchange-traded CytRx Put Options, during the period between September 12, 2014 to July 11, 2016, inclusive (the "Settlement Class Period”) and were damaged thereby.

Excluded from the Class are:

Excluded from the Settlement Class are CytRx, Steven A. Kriegsman, and John Y. Caloz, the Officers and directors of CytRx at all relevant times, members of their Immediate Families and their legal representatives, heirs, successors, or assigns and any entity in which the Defendants have or had a controlling interest. Also excluded from the Settlement Class are any persons or entities who or which exclude themselves by submitting a request for exclusion in accordance with the requirements set forth in the Settlement Notice. 

The defendants in this action are CytRx Corporation, Steven A. Kriegsman, and John Y. Caloz.


The Rights of Class Members:

YOUR LEGAL RIGHTS AND OPTIONS IN THE SETTLEMENT:

SUBMIT A CLAIM FORM POSTMARKED NO LATER THAN NOVEMBER 16, 2018.

This is the only way to be eligible to receive a payment from the Settlement Fund. If you are a Settlement Class Member and you remain in the Settlement Class, you will be bound by the Settlement as approved by the Court and you will give up any Released Plaintiffs’ Claims that you have against Defendants and each and all of the Released Defendant, so, if you remain in the Settlement Class, it is in your interest to submit a Claim Form.

You may submit a claim online by clicking here. Additional copies of the Claim Form can be downloaded from the Claim Form page of this website.

EXCLUDE YOURSELF FROM THE SETTLEMENT CLASS BY SUBMITTING A WRITTEN REQUEST FOR EXCLUSION SO THAT IT IS RECEIVED NO LATER THAN AUGUST 27, 2018.

If you exclude yourself from the Settlement Class, you will not be eligible to receive any payment from the Settlement Fund. This is the only option that potentially allows you to ever bring or maintain your own lawsuit against the Defendants, or be part of any other lawsuit, concerning the Released Plaintiffs’ Claims.

Further information regarding the requirements for an exclusion request can be found in paragraph 79 of the Settlement Notice.

OBJECT TO THE SETTLEMENT BY SUBMITTING A WRITTEN OBJECTION SO THAT IT IS RECEIVED NO LATER THAN AUGUST 27, 2018.

If you do not like the proposed Settlement, the proposed Plan of Allocation, or the request for attorneys’ fees and reimbursement of Litigation Expenses, you may write to the Court and explain why you do not like them. You cannot object to the Settlement, the Plan of Allocation or the fee and expense request unless you are a Settlement Class Member and do not exclude yourself from the Settlement Class.

Further information regarding the requirements for filing an objection can be found in paragraph 86 of the Settlement Notice.

GO TO A HEARING ON SEPTEMBER 17, 2018 AT 10:00 A.M., AND FILE A NOTICE OF INTENTION TO APPEAR SO THAT IT IS RECEIVED NO LATER THAN AUGUST 27, 2018.

Filing a written objection and notice of intention to appear by August 27, 2018 allows you to speak in Court, at the discretion of the Court, about the fairness of the proposed Settlement, the Plan of Allocation, and/or the request for attorneys’ fees and reimbursement of Litigation Expenses. If you submit a written objection, you may (but you do not have to) attend the hearing and, at the discretion of the Court, speak to the Court about your objection.

DO NOTHING.

If you are a member of the Settlement Class and you do not submit a valid Claim Form, you will not be eligible to receive any payment from the Settlement Fund. You will, however, remain a member of the Settlement Class, which means that you give up your right to sue about the claims that are resolved by the Settlement and you will be bound by any judgments or orders entered by the Court in the Action.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 












Description and Status of the Action: 

This is a securities class action against Defendants for alleged violations of the federal securities laws during the Class Period. The First Amended Class Action Complaint alleges that, among other things, Defendants made materially false and misleading statements and/or failed to disclose that CytRx’s pivotal global Phase 3 clinical trial of aldoxorubicin (the “Phase 3 Trial”) did not conform to the Special Protocol Assessment (“SPA”) governing the trial, and that as a result, the study’s results were at significant risk of not being statistically significant. The Complaint further alleged that when the market learned of Defendants’ alleged misrepresentations and omissions, the price of CytRx Common Stock fell, causing damage to purchasers of CytRx Common Stock during the Class Period.

The Defendants have denied and continue to deny all claims and wrongdoing asserted in the Complaint and any liability arising out of the allegations of misconduct in the Complaint.

Additional information regarding this Action and the claims asserted by Lead Plaintiff can be found in paragraphs 13-25 of the Settlement Notice.

The Settlement Benefits:

Subject to Court approval, Lead Plaintiff, Gregory Callender, on behalf of himself and the Settlement Class, has reached a proposed settlement of the Action for $5,750,000 in cash (the Settlement Amount) that, if approved, will resolve all claims in the Action. The Settlement Amount will be deposited into an escrow account. The Net Settlement Fund (i.e., the Settlement Amount plus any and all interest earned thereon (the “Settlement Fund”) less (a) any Taxes, (b) any Notice and Administration Costs, (c) any Litigation Expenses awarded by the Court, and (d) any attorneys’ fees awarded by the Court) will be distributed in accordance with a plan of allocation that is approved by the Court, which will determine how the Net Settlement Fund shall be allocated among members of the Settlement Class. The proposed plan of Allocation is set forth on page 8 of the Settlement Notice.

Your share of the Net Settlement Fund will depend on, among other factors, when and at what prices you purchased/acquired shares of CytRx Common Stock and/or CytRx Call Options and/or sold CytRx Put Options, and the total number of valid Claim Forms submitted. Distributions to Settlement Class Members will be made based on the Plan of Allocation set forth in the Settlement Notice or such other plan of allocation as may be ordered by the Court.

Settlement Hearing:

The Settlement Hearing will be held on September 17, 2018 at 10:00 a.m., before the Honorable S. James Otero at the United States District Court for the Central District of California, United States Courthouse, 350 W. 1st Street, 6th Floor, Courtroom 6D, Los Angeles, California 90012. The Court reserves the right to approve the Settlement, the Plan of Allocation, Lead Counsel’s motion for an award of attorneys’ fees and reimbursement of Litigation Expenses and/or any other matter related to the Settlement at or after the Settlement Hearing without further notice to the members of the Settlement Class.

Settlement Class Members do not need to attend the Settlement Hearing. You can participate in the Settlement without attending the Settlement Hearing.


Class Counsel:

As a Class Member, you will be represented by Class Counsel:

Kara M. Wolke, Esq.

GLANCY PRONGAY & MURRAY LLP

1925 Century Park East, Suite 2100

Los Angeles, CA 90067

 (888) 773-9224

info@glancylaw.com

 

If you are a member of the Class, your rights will be affected by the pending ACTION. If you have not yet received the Notice, you may obtain a copy of the Notice by clicking here or by contacting the Claims Administrator at:

In Re CytRx Corporation Securities Litigation

c/o A.B. Data, Ltd.

P.O. Box 173011

Milwaukee, WI 53217 

info@CytRxSecuritiesSettlement.com

800-547-4406


  

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