Notice is hereby given that Glancy Binkow & Goldberg LLP has filed a
class action lawsuit in the United States District Court for the Western
District of Washington on behalf of a class consisting of all persons or
entities who purchased the common stock of Cell Therapeutics, Inc.
("Cell Therapeutics” or the "Company”) (NASDAQ:CTIC) between May 5, 2009
and February 8, 2010, inclusive (the "Class Period”).
A copy of the Complaint is available from the court or from Glancy
Binkow & Goldberg LLP. Please contact us by phone to discuss this action
or to obtain a copy of the Complaint at (310) 201-9150 or Toll Free at
(888) 773-9224, by email at shareholders@glancylaw.com,
or visit our website at http://www.glancylaw.com.
The Complaint charges Cell Therapeutics and certain of the Company’s
executive officers with violations of federal securities laws. Cell
Therapeutics is a biopharmaceutical company that develops, acquires and
commercializes oncology products for the treatment of cancer. The
Company is developing pixantrone, a Phase III single-agent clinical
trial product for the treatment of non-Hodgkin’s lymphoma and various
other hematologic malignancies, solid tumors and immunological
disorders. Pixantrone was being developed under a Special Protocol
Assessment (SPA) – an agreement between the Company and the U.S. Food &
Drug Administration (FDA) concerning the design and size of clinical
trials intended to form the primary basis of an efficacy claim for a new
drug application. The Complaint alleges that throughout the Class Period
defendants knew or recklessly disregarded that their public statements
concerning Cell Therapeutics’ business, operations and prospects were
materially false and misleading. Specifically, defendants made false
and/or misleading statements and/or failed to disclose material adverse
information concerning pixantrone, including: (a) that the SPA was
invalidated in March 2008; (b) that the Company’s pixantrone study
enrolled a large number of patients who did not suffer from aggressive
Non-Hodgkin’s lymphoma; (c) that pixantrone was cardiotoxic; and (d), as
a result of the foregoing, that defendants lacked a reasonable basis for
their positive statements about the Company’s business, operations and
prospects. The Complaint further alleges that, as a result of
defendants’ misrepresentations and/or failures to disclose, Cell
Therapeutics common stock traded at artificially inflated levels
throughout the Class Period.
On February 8, 2010, the FDA issued a Briefing Document assessing
pixantrone in advance of a February 10, 2010, advisory meeting. The
agency stated that the Company's SPA was invalidated in March 2008 and
that the pixantrone study results were not meeting the FDA’s standards
for approval.
Plaintiff seeks to recover damages on behalf of class members and is
represented by Glancy Binkow & Goldberg LLP, a law firm with significant
experience in prosecuting class actions, and substantial expertise in
actions involving corporate fraud.
If you are a member of the class described above, you may move the
Court, no later than May 11, 2010, to serve as lead plaintiff, however,
you must meet certain legal requirements. If you wish to discuss this
action or have any questions concerning this Notice or your rights or
interests with respect to these matters, please contact Michael
Goldberg, Esquire, of Glancy Binkow & Goldberg LLP, 1801 Avenue of the
Stars, Suite 311, Los Angeles, California 90067, by telephone at (310)
201-9150 or Toll Free at (888) 773-9224, by e-mail to shareholders@glancylaw.com,
or visit our website at http://www.glancylaw.com.
