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YOUR
LEGAL RIGHTS AND OPTIONS IN THE SETTLEMENT:
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SUBMIT
A CLAIM FORM POSTMARKED NO LATER THAN NOVEMBER 16, 2018.
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This deadline has passed.
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EXCLUDE YOURSELF
FROM THE SETTLEMENT CLASS BY SUBMITTING A WRITTEN REQUEST FOR EXCLUSION SO
THAT IT IS RECEIVED NO LATER THAN
AUGUST 27, 2018.
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This deadline has passed. |
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OBJECT TO THE
SETTLEMENT BY SUBMITTING A WRITTEN OBJECTION SO THAT IT IS RECEIVED NO LATER THAN AUGUST 27,
2018.
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This deadline has passed. |
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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.
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This deadline has passed. |
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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.
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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