Cellcyte Genetics Corporation ("Cellcyte" or the Company) is an American biotech company that researches and develops stem cell therapeutic products.

The class action lawsuit against Cellcyte 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 and 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.

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.