According to the Complaint, Celsion Corporation is an integrated development clinical stage oncology drug company that focuses on the development and commercialization of directed chemotherapies, DNA-mediated immunotherapy, and RNA-based therapies for the treatment of cancer. Celsion’s lead product candidate is ThermoDox, a heat-activated liposomal encapsulation of doxorubicin that is in Phase III clinical development for treating primary liver cancer.

The Complaint alleges that throughout the Class Period, Defendants made materially false and/or misleading because they misrepresented and failed to disclose the following adverse facts pertaining to the Company's business, operations, and prospects, which were known to Defendants or recklessly disregarded by them. Specifically, the Complaint alleges Defendants made false and/or misleading statements and/or failed to disclose that: (i) Defendants had significantly overstated the efficacy of ThermoDox; (ii) the foregoing significantly diminished the approval and commercialization prospects for ThermoDox; and (iii) as a result, the Company's public statements were materially false and misleading at all relevant times.

Plaintiff filed an amended Complaint on May 27, 2021. On June 22, the Court issued Orders appointing Lead Plaintff and Co-Lead Plaintiffs as well as Lead Counsel.

Defendants filed a Motion to Dismiss the amended Complaint on August 6, 2021. On February 6, 2023, the Court issued an Order granting Defendants' Motion to Dismiss. Plaintiff was given leave to amend the Complaint.

Plaintiff did not amend the Complaint, and on September 6, 2023, the Court issued an Order dismissing the case.