Brower Piven Announces Summary Notice of Proposed Settlement of Class Action

NEW YORK, April 6, 2012 /PRNewswire/ -- The following statement is being issued by Brower Piven regarding the proposed settlement of the Cell Therapeutics, Inc. class action.

UNITED STATES DISTRICT COURT
WESTERN DISTRICT OF WASHINGTON
AT SEATTLE

In re CELL THERAPEUTICS, INC.
CLASS ACTION LITIGATION
This Document Relates To: All Actions

Master Docket No. C10-414 MJP
(consolidated with Nos. C10-480 MJP and C10-559MJP)
CLASS ACTION

SUMMARY NOTICE OF PROPOSED SETTLEMENT OF CLASS ACTION

To: All persons and entities who purchased the common stock of Cell Therapeutics, Inc. between March 25, 2008 and March 22, 2010, both dates inclusive.

This Summary Notice is given pursuant to Rule 23 of the Federal Rules of Civil Procedure and an Order of the United States District Court for the Western District of Washington (the "Court"), dated March 16, 2012. The purpose of this Summary Notice is to inform you of the proposed settlement of the above-entitled class action (the "Action") against defendants Cell Therapeutics, Inc., James A. Bianco, Louis A. Bianco, and Craig W. Philips.

A Settlement Hearing will be held before the Hon. Marsha J. Pechman, United States District Judge, at the United States Courthouse, 700 Stewart Street, Seattle, Washington 98101, at 1:30 PM on July 20, 2012 in order: (1) to determine whether the Court should grant certification to the Class pursuant to Fed. R. Civ. P. 23(a) and (b)(3); (2) to determine whether the Settlement consisting of $19,000,000 in cash should be approved as fair, reasonable, and adequate to the Class and the proposed Judgment entered; (3) to determine whether the proposed Plan of Allocation for the proceeds of the settlement is fair and reasonable, and should be approved by the Court; (4) to determine whether any applications for attorneys' fees or expenses to Plaintiffs' Counsel should be approved; and (5) to rule upon such other matters as the Court may deem appropriate.

If you purchased the common stock of Cell Therapeutics, Inc. between March 25, 2008 and March 22, 2010 (both dates inclusive), and are not otherwise excluded from the Class, you are a Class Member. Class Members will be bound by the final judgment of the Court. If you are a Class Member, in order to share in the distribution of the Net Settlement Fund, you must submit a Proof of Claim postmarked no later than July 28, 2012, establishing that you are entitled to recovery. A Proof of Claim is being sent with the Notice. If you are a Class Member and need an additional Proof of Claim, copies may be obtained by telephoning the Claims Administrator at 877-519-0810 or by downloading the form on the Internet at www.gcginc.com.

If you do not wish to be included in the Class and you do not wish to participate in the proposed settlement described, you may request to be excluded, in the manner specifically set forth in the full Notice of Proposed Settlement of Class Action ("Notice"), no later than June 15, 2012. If you are a Class Member, you may make a written objection to the Settlement. If you make a written objection, you also may appear at the Settlement Hearing. You must file and serve your written objection, in the manner specifically set forth in the Notice, no later than June 15, 2012. The procedures which MUST be followed for Class Members to request exclusion from the Class or to object to the settlement, the Plan of Allocation or application for attorneys' fees and reimbursement of expenses are set forth in full in the Notice. You are urged to obtain a copy of the Notice, which includes, among other things, a description of: (1) the litigation in the Action prior to the settlement; (2) the terms of the proposed settlement; (3) the benefits of the settlement to the Class; (4) the Plan of Allocation for the proceeds of the settlement; (5) the rights of Class Members; (6) the release of claims against defendants Cell Therapeutics, Inc., James A. Bianco, Louis A. Bianco, and Craig W. Philips, and their Related Parties; (7) the application for an award of attorneys' fees and expenses; and (8) additional details concerning the Settlement Hearing, excluding oneself from the Class and/or objecting to the settlement, the Plan of Allocation, and/or the application for attorneys' fees and reimbursement of expenses.

PLEASE DO NOT CONTACT THE COURT OR DEFENDANTS' COUNSEL REGARDING THIS NOTICE.

This is only a summary notice. The full notice may be accessed at: www.gcginc.com.

Dated: March 16, 2012
Marsha J. Pechman
UNITED STATES DISTRICT JUDGE

SOURCE Brower Piven