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A copy of the Complaint is available from the court or from Finkelstein Thompson LLP. Please call us toll-free at (877) 337-1050 to discuss this action or to obtain a copy of the Complaint. You may also contact us by email at [email protected], or visit our website at http://www.finkelsteinthompson.com.
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The Complaint alleges that CellCyte misled the investing public throughout the Class Period by publishing false information about the history and experience of the company's chief executive officer Gary A. Reys. Specifically, Plaintiff alleges that CellCyte misrepresented Reys' credentials on the Company's website and in SEC filings, particularly regarding Reys' educational background, his status as a certified public accountant in the state of Washington, and his prior role in the initial public offerings of var2ious pharmaceutical companies.
According to the Complaint, CellCyte made false and misleading statements about Reys to the SEC and potential investors. The truth regarding Reys' credentials began to surface in early January after news media inquiries into Reys' background. Shortly after these inquiries, CellCyte removed numerous claims regarding Reys' credentials from the Company's website.
As a result of Defendant's misrepresentations and omissions, CellCyte's stock traded at inflated levels during the Class Period. Once the truth behind Reys was revealed, CellCyte shares plunged 55% in unusually heavy trading on January 8 and 9. The stock fell as low as $2.15 on January 9, 2008, down from a high of $7.02 just days before.
Plaintiff seeks to recover damages on behalf of Class members and is represented by Finkelstein Thompson LLP. Finkelstein Thompson LLP has spent almost three decades delivering outstanding representation to institutional and individual clients in connection with securities and other finance-related litigation, and has been appointed as lead or co-lead counsel in dozens of shareholder class actions. Indeed, in the past decade, the firm has served leadership roles in cases that have recovered over $1 billion for investors and consumers.
If you are a member of the class, you may request that the Court appoint you as lead plaintiff by no later than March 14, 2008. A lead plaintiff is a class member appointed by the Court to direct the litigation on behalf of the class. Although a class member need not be appointed as a lead plaintiff to receive a proportionate share of any proceeds of the litigation, lead plaintiffs make important decisions that could affect the prosecution of the class claims, including decisions concerning settlement. The securities laws create a rebuttable presumption that the plaintiff with the largest financial interest in the litigation is the most adequate to serve as a lead plaintiff. Any member of the purported class may move the Court to serve as lead plaintiff through the counsel of their choice and returning a form to counsel or communicating with counsel is not necessary to participate in any recovery.
If you are a CellCyte shareholder and wish to discuss the case, please contact our Washington, D.C. office toll-free at (877) 337-1050, or by email at [email protected].
SOURCE Finkelstein Thompson LLP
