TMCnet News
The Shuman Law Firm Investigates CytRx CorporationBOULDER, Colo. --(Business Wire)-- The Shuman Law Firm announces that it is investigating potential claims against certain officers and directors of CytRx Corp. ("CytRx" or the "Company") (Nasdaq: CYTR). CytRx is a California-based biopharmaceutical company specializing in oncology. p> The Firm's investigation relates to allegations raised in a Seeking Alpha exposé which suggested that CytRx misrepresented and/or failed to disclose that: (1) the Company hired a promoter - The DreamTeam Group - to boost CytRx's share price; (2) the promoter posted misleading articles on CytRx's behalf without properly disclosing its paid marketing relationship; and (3) these articles boosted the price of CYTR shares while the Company issued $86 million in new equity. Once this information was made public, the price of CytRx shares fell over 12% from $4.78 to $4.17 in response.If you currently own CytRx common stock and are interested in discussing your rights, or have information relating to this investigation, please contact Kip B. Shuman or Rusty E. Glenn toll-free at (866) 974-8626 or email Mr. Shuman at [email protected] or email Mr. Glenn at [email protected]. The Shuman Law Firm represents investors throughout the nation, concentrating its practice in stockholder litigation.
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