CytRx Corporation is an American biopharmaceutical company focused on the discovery and development of new therapeutics to treat cancer.

According to the law firm press release, the Complaint filed in this lawsuit alleges that throughout the Class Period, Defendants made materially false and/or misleading statements, as well as failed to disclose material adverse facts about the Company’s business, operations, and prospects. Specifically, Defendants made false and/or misleading statements and/or failed to disclose: (1) that the clinical hold placed on the Phase 3 trial of aldoxorubicin for STS would prevent sufficient follow-up for patients involved in the study; (2) that, as a result, nearly half of all patients would be censored (excluded) from the progression free survival evaluation; (3) that, in response, CytRx would likely conduct a second analysis; (4) that, as such, the results of the trial could be materially affected and/or approval of aldoxorubicin for STS could be delayed; and (5) that, as a result of the foregoing, Defendants’ statements about CytRx’s business, operations, and prospects were false and misleading and/or lacked a reasonable basis.

On October 26, 2016, the Court appointed Lead Plaintiff and Counsel. Lead Plaintiff filed an amended Complaint on January 13, 2017. On June 14, the Court granted Defendants' Motion to Dismiss. Plaintiffs were given leave to file an amended Complaint, which they did on June 29. On August 14, the court granted in part and denied in part Defendants' Motion to Dismiss.

On February 1, 2018, Lead Plaintiff and Defendants reached an agreement in principle to settle the Action. On May 4, the Parties entered into a Stipulation of Settlement. The Court granted preliminary approval of the Settlement on June 20. On September 17, the Court granted final approval of the Settlement and entered Final Judgment. On January 23, 2020, the Court approved the distribution plan for the net Settlement fund.