Case Page

 

Case Status:    DISMISSED    
On or around 03/23/2010 (Stipulation and order of dismissal (voluntary dismissal))

Filing Date: January 14, 2008

The class action lawsuit against CellCyte for alleges violations of securities laws. According to the complaint CellCyte executives and business partners misled investors by publishing false information about the history and experience of the company’s chief executive officer. The lawsuit alleges that company shares were traded at artificially inflated prices due to the company’s activities.

The company’s chief executive officer’s education and professional credentials were called into question after published news reports called out alleged discrepancies relating to his finance degree from the University of Washington, a CPA designation, ties to the Washington Society of Certified Public Accountants and a strong track record within the pharmaceutical industry. Soon after these reports company stock plummeted 55 percent.

On March 14, 2008, several motions to appoint lead plaintiffs and to approve the selection of counsels were filed. As a result, an order consolidating related actions, to appoint certain individuals as lead plaintiffs and counsels was entered on April, 28, 2008. However, at the same time, certain individuals were denied by the court to be appointed lead plaintiffs by Judge Robert S. Lasnik.

On July 10, 2009, the lead plaintiffs filed a First Amended Consolidated Class Action Complaint. On September 3, 2008, Judge Robert S. Lasnik granted the motion to substitute a lead plaintiff. On November 10, 2008, the defendants filed several motions to dismiss the First Amended Consolidated Class Action Complaint. Before any ruling on the motions, the plaintiffs filed a motion to amend the complaint, which was granted on January 20, 2009. The court denied as moot all the pending motions to dismiss. On February 3, 2009, the lead plaintiffs filed a Second Amended Consolidated Class Action Complaint. The defendants filed motions to dismiss the Second Amended Consolidated Class Action Complaint on March 5, 2009. These motions are currently pending before the Court.

On September 24, 2009, Judge Robert S. Lasnik granted one of the defendant’s motions to dismiss. On March 23, 2010, the action was dismissed without prejudice, with each party to bear their own fees and costs.

COMPANY INFORMATION:

Sector: Healthcare
Industry: Biotechnology & Drugs
Headquarters: United States

SECURITIES INFORMATION:

Ticker Symbol: CCYG
Company Market: OTC-BB
Market Status: Public (Listed)

About the Company & Securities Data


"Company" information provides the industry and sector classification and headquarters state for the primary company-defendant in the litigation. In general, "Securities" information provides the ticker symbol, market, and market status for the underlying securities at issue in the litigation.

In most cases, the primary company-defendant actually issued the securities that are the subject of the litigation, and the securities information and company information relate to the same entity. In a small subset of cases, however, the primary company-defendant is not the issuer (for example, cases against third party brokers/dealers), and the securities information and company information do not relate to the same entity.
COURT: W.D. Washington
DOCKET #: 08-CV-00047
JUDGE: Hon. Robert S. Lasnik
DATE FILED: 01/14/2008
CLASS PERIOD START: 04/06/2007
CLASS PERIOD END: 01/09/2008
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. Hagens Berman Sobol Shapiro LLP (Berkeley)
    715 Hearst Avenue, Suite 202, Hagens Berman Sobol Shapiro LLP (Berkeley), CA 94710
    510.725.3000 510.725.3000 · info@hbsslaw.com
  2. Hagens Berman Sobol Shapiro LLP (Seattle)
    1301 Fifth Avenue, Suite 2900, Hagens Berman Sobol Shapiro LLP (Seattle), WA 98101
    206-623-7292 206-623-0594 · info@hagens-berman.com
No Document Title Filing Date
COURT: W.D. Washington
DOCKET #: 08-CV-00047
JUDGE: Hon. Robert S. Lasnik
DATE FILED: 02/03/2009
CLASS PERIOD START: 04/06/2007
CLASS PERIOD END: 01/09/2008
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. Hagens Berman Sobol Shapiro LLP (Berkeley)
    715 Hearst Avenue, Suite 202, Hagens Berman Sobol Shapiro LLP (Berkeley), CA 94710
    510.725.3000 510.725.3000 · info@hbsslaw.com
  2. Hagens Berman Sobol Shapiro LLP (Seattle)
    1301 Fifth Avenue, Suite 2900, Hagens Berman Sobol Shapiro LLP (Seattle), WA 98101
    206-623-7292 206-623-0594 · info@hagens-berman.com
No Document Title Filing Date
No Document Title Filing Date