Shareholder Class Action Filed Against Cell Therapeutics, Inc. by the Law Firm of Barroway Topaz Kessler Meltzer & Check, LLP

RADNOR, Pa., March 31 /PRNewswire/ -- The following statement was issued today by the law firm of Barroway Topaz Kessler Meltzer & Check, LLP:

Notice is hereby given that a class action lawsuit was filed in the United States District Court for the Western District of Washington on behalf of purchasers of the securities of Cell Therapeutics, Inc. (Nasdaq: CTIC) ("Cell Therapeutics" or the "Company"), who purchased or otherwise acquired Cell Therapeutics' securities between May 5, 2009 and March 19, 2010, inclusive (the "Class Period"), including purchasers of the securities issued pursuant or traceable to the Company's public offering on or about July 23, 2009.

If you wish to discuss this action or have any questions concerning this notice or your rights or interests with respect to these matters, please contact Barroway Topaz Kessler Meltzer & Check, LLP (Darren J. Check, Esq. or David M. Promisloff, Esq.) toll free at 1-888-299-7706 or 1-610-667-7706, or via e-mail at [email protected].

The Complaint charges Cell Therapeutics and certain of its officers and directors with violations of the Securities Act of 1933 and Securities Exchange Act of 1934. Cell Therapeutics is a biopharmaceutical company focused on developing and commercializing novel agents that seek to improve the safety and efficacy of existing standard-of-care chemotherapies, and those that may have unique, new mechanisms to kill cancer cells. During the Class Period, defendants misled investors concerning the results of a Phase III clinical study ("PIX-301") of a drug the Company was developing called pixantrone for the treatment of Non-Hodgkin's Lymphoma ("NHL"), as well as other cancers.

More specifically, the Complaint alleges that the Company failed to disclose and misrepresented the following material adverse facts which were known to defendants or recklessly disregarded by them: (1) the Company's Special Protocol Assessment for pixantrone was invalidated by the fact that the study was terminated before fully enrolled and a planned interim analysis was not conducted; (2) the FDA had not approved the early termination of Study PIX-301 or the statistical analysis defendants intended to apply to the results of the study; (3) the Company enrolled large numbers of patients who didn't suffer aggressive NHL as the study protocol required; and (4) patients taking pixantrone in Study PIX-301 suffered more deaths, serious adverse events, and grade 3-4 adverse events than patients taking the comparator drug, including three deaths from heart failure in the pixantrone group compared to one in the comparator group.

Plaintiff seeks to recover damages on behalf of class members and is represented by the law firm of Barroway Topaz Kessler Meltzer & Check which prosecutes class actions in both state and federal courts throughout the country.  Barroway Topaz Kessler Meltzer & Check is a driving force behind corporate governance reform, and has recovered billions of dollars on behalf of institutional and individual investors from the United States and around the world.

For more information about Barroway Topaz Kessler Meltzer & Check, or for additional information about participating in this action, please visit www.btkmc.com.

If you are a member of the class described above, you may, not later than May 11, 2010, move the Court to serve as lead plaintiff of the class, if you so choose.  A lead plaintiff is a representative party that acts on behalf of other class members in directing the litigation.  In order to be appointed lead plaintiff, the Court must determine that the class member's claim is typical of the claims of other class members, and that the class member will adequately represent the class.  Your ability to share in any recovery is not, however, affected by the decision whether or not to serve as a lead plaintiff.  Any member of the purported class may move the court to serve as lead plaintiff through counsel of their choice, or may choose to do nothing and remain an absent class member.  

SOURCE Barroway Topaz Kessler Meltzer & Check, LLP

WANT YOUR COMPANY'S NEWS FEATURED ON PRNEWSWIRE.COM?

440k+
Newsrooms &
Influencers

9k+
Digital Media
Outlets

270k+
Journalists
Opted In

GET STARTED