SOURCE: Brower Piven, A Professional Corporation

March 24, 2010 16:15 ET

Brower Piven Encourages Investors Who Have Losses in Excess of $50,000 From Investment in Cell Therapeutics, Inc. to Inquire About the Lead Plaintiff Position in Securities Fraud Class Action Lawsuit Before the May 11, 2010 Lead Plaintiff Deadline

STEVENSON, MD--(Marketwire - March 24, 2010) - Brower Piven, A Professional Corporation announces that a class action lawsuit has been commenced in the United States District Court for the Western District of Washington on behalf of purchasers of the common stock of Cell Therapeutics, Inc. ("Cell Therapeutics" or the "Company") (NASDAQ: CTIC) during the period between May 5, 2009 and February 8, 2010, inclusive (the "Class Period").

No class has yet been certified in the above action. Members of the Class will be represented by the lead plaintiff and counsel chosen by the lead plaintiff. If you wish to choose counsel to represent you and the Class, you must apply to be appointed lead plaintiff no later than May 11, 2010 and be selected by the Court. The lead plaintiff will direct the litigation and participate in important decisions including whether to accept a settlement and how much of a settlement to accept for the Class in the action. The lead plaintiff will be selected from among applicants claiming the largest loss from investment in the Company during the Class Period. You are not required to have sold your shares to seek damages or to serve as a Lead Plaintiff. You may contact Brower Piven (through hoffman@browerpiven.com or 410/415-6616) to answer any questions you may have in that regard. 

The complaint accuses the defendants of violations of the Securities Exchange Act of 1934 by virtue of the Company's failure to disclose during the Class Period ) that the Special Protocol Assessment ("SPA") with the United States Food and Drug Administration ("FDA") for pixantrone was invalidated in March 2008 because the Company's pixantrone study enrolled a large number of patients who did not suffer from aggressive non-Hodgkin's lymphoma and that the Company's pixantrone drug was cardiotoxic. According to the complaint, after, on February 8, 2010, the FDA posted its assessment of pixantrone in advance of its February 10, 2010 advisory meeting stating, among other things, that the Company's SPA was invalidated in March 2008 and that the Company's pixantrone study results were not meeting the FDA's standards for approval, the value of Cell Therapeutics shares declined significantly.

If you have suffered a net loss for all transactions in Cell Therapeutics, Inc. common stock during the Class Period, you may obtain additional information about this lawsuit and your ability to become a lead plaintiff by contacting Brower Piven at www.browerpiven.com, by email at hoffman@browerpiven.com, by calling 410/415-6616, or at Brower Piven, A Professional Corporation, 1925 Old Valley Road, Stevenson, Maryland 21153. Attorneys at Brower Piven have combined experience litigating securities and class action cases of over 40 years. If you choose to retain counsel, you may retain Brower Piven without financial obligation or cost to you, or you may retain other counsel of your choice. You need take no action at this time to be a member of the class.

Contact Information

  • CONTACT:
    Charles J. Piven
    Brower Piven, A Professional Corporation
    Stevenson, Maryland
    410/415-6616
    Email Contact