SOURCE: Dyer & Berens LLP

Dyer & Berens LLP

March 15, 2010 15:03 ET

Dyer & Berens LLP Files Class Action Lawsuit on Behalf of Investors Who Purchased Cell Therapeutics, Inc. Common Stock Between May 5, 2009 and February 8, 2010; Announces Upcoming Investor Deadline -- CTIC

DENVER, CO--(Marketwire - March 15, 2010) -  Dyer & Berens LLP (www.DyerBerens.com) today announced that it has filed a class action lawsuit in the United States District Court for the Western District of Washington on behalf of certain investors of Cell Therapeutics, Inc. ("Cell Therapeutics" or the "Company") (NASDAQ: CTIC) who purchased the Company's common stock between May 5, 2009 and February 8, 2010 (the "Class Period").

If you wish to serve as a lead plaintiff, you must move the court no later than May 11, 2010. If you wish to discuss this action or have any questions concerning this notice or your rights or interests, please contact plaintiff's counsel, Jeffrey A. Berens, Esq., at (888) 300-3362, (303) 861-1764, or via email at jeff@dyerberens.com. Any member of the putative class may move the court to serve as a lead plaintiff through counsel of their choice, or may choose to do nothing and remain an absent class member.

The complaint alleges that, during the Class Period, defendants failed to disclose material adverse facts about the Company's business and prospects. Specifically, the complaint alleges that defendants failed to disclose: (a) that the Special Protocol Assessment ("SPA") with the FDA for pixantrone (a phase III trial product for non-Hodgkin's lymphoma) 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 the Company's pixantrone drug was cardiotoxic; and (d) that, as a result of the foregoing, defendants lacked a reasonable basis for their positive statements about pixantrone and its prospects.

On February 8, 2010, the FDA posted its assessment of pixantrone in advance of its February 10, 2010 advisory meeting. With regard to the regulatory history of pixantrone, the FDA briefing document stated, 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. 

Plaintiff seeks to recover damages on behalf of Cell Therapeutics investors. The plaintiff is represented by Dyer & Berens LLP, which has significant expertise in prosecuting investor class actions. For more information about the firm, please go to www.DyerBerens.com.

Contact Information

  • Contact:

    Jeffrey A. Berens
    Dyer & Berens LLP
    303 East 17th Avenue, Suite 300
    Denver, CO 80203
    Tel: (888) 300-3362 or (303) 861-1764
    Email: Email Contact