Kuznicki Law PLLC notifies investors that a class action has commenced in the United States District Court for the Western District of Washington on behalf of shareholders of CytoDyn, Inc. who purchased shares between March 27, 2020 and March 9, 2021.
CytoDyn and certain of its executives are charged with failing to disclose material information during the Class Period, violating federal securities laws.
On March 5, 2021, the Company issued a press release purporting to tout the positive trial results of its product Leronlimab, stating in part, that “the Phase 3 trial of leronlimab for the treatment of severe-to-critical patients with COVID-19 demonstrated continued safety, substantial improvement in the survival rate, and faster hospital discharge in critically ill COVID-19 patients”; however, as subsequently highlighted by industry analysts in the following days, the Company also disclosed that “[a]mongst all patients in mITT, the primary endpoint (all-cause mortality at Day 28) was not statistically significant.”
On this news, shares of CytoDyn plummeted.
If you wish to choose counsel to represent you and the class, you must apply to be appointed lead plaintiff and be selected by the Court. The lead plaintiff will direct the litigation and participate in important decisions including whether to accept a settlement for the class in the action. The lead plaintiff will be selected from among applicants claiming the largest loss from investment in the respective securities during the class periods. Members of the class will be represented by the lead plaintiff and counsel chosen by the lead plaintiff. No class has yet been certified in the above action. Appointment as Lead Plaintiff is not required to partake in any recovery.
Shareholders have until May 17, 2021 to request that the court appoint them lead plaintiff.