We need to vote NO to the RS until Kriegsman Steps down. The fear of OTC is outweighed by the Fear of giving him a clean slate to repeat the same path.
1/3/05 IN RE AUTHENTIDATE HOLDING CORP . SECURITIES LITIGATION
Civil Action No . 1:05-CV-5323 (LTS )
Defendant Steven A. Kriegsman ("Kriegsman") was a Director of Authentidate from 1997 until March 2004. During the Class Period, Kriegsman signed the February 27, 2004 Registration Statement, which contained untrue statements of material fact and incorporated by reference subsequent Authentidate SEC filings containing many of the materially false and misleading statements and/or omissions of material fact alleged herein. During the Class Period, Kriegsman sold 20,000 and 10,000 shares of his Authentidate stock on December 10, 2002 and on February 17, 2004, respectively, and realized proceeds of $246,773. These insider sales constituted 100% of all Authentidate shares that Kriegsman owned. Kriegsman’s insider trading is suspicious because it was dramatically inconsistent with his prior trading practices.
7/3/14 Fishman v. Kriegsman, et al.
Case 2:14-cv-05169,
Against nominal defendant CytRx and certain officers and each director of the Company. The complaint alleges breach of fiduciary duties, corporate waste, gross mismanagement, and unjust enrichment in connection with the Company's alleged retention of DreamTeamGroup and MissionIR
6/13/14 Schwartz v. Ignarro, et al.
Case No. 9864, Johnson v. Ignarro, et al. , Case No. 9884
The allegations in the Silverberg complaint relate to the Company’s December 9, 2013 grant of stock options to certain board members and officers as well as the Company’s alleged retention of DreamTeamGroup and MissionIR
6/13/14 Silverberg v. Kriegsman, et al.
Case No. 9919
The allegations in the Silverberg complaint relate to the Company’s December 9, 2013 grant of stock options to certain board members and officers as well as the Company’s alleged retention of DreamTeamGroup and MissionIR
July 3rd and June 14th Cases consolidated into Case: CytRx Corp. Stockholder Derivative Litigation, C.A. No. 9864-VCL
Settlement: Under the settlement, we agreed to re-price outstanding stock options to purchase a total of 2,095,000 shares of our common stock that were granted on December 10, 2013 to certain of our directors and officers from the original exercise price of $2.39 to an exercise price of $4.66 (the share price at market closing on December 20, 2013). The settlement also provides that we will implement certain corporate governance changes and modify our governance practices regarding the granting of stock options. The parties reached an agreement on an award of $1.1 million of fees and expenses to plaintiffs' attorneys. On November 20, 2015, the Delaware Court approved the settlement and award of attorneys' fees and expenses, and entered a final order and judgment. This amount was paid by our insurance carriers in December, 2015.
8/14/14 Pankratz v. Kriegsman, et al.
Case 2:14-cv-06414-PA-JPR
The complaint alleges breach of fiduciary duties, unjust enrichment, gross mismanagement, abuse of control, insider selling and misappropriation of information in connection with the Company's alleged retention of DreamTeamGroup and MissionIR, two external investor and public relations firms unaffiliated with the Company, as well as the Company’s December 9, 2013 grant of stock options to certain board members and officers.
8/15/14 Taylor v. Kriegsman, et al.
Case 2:14-cv-06451
The complaint alleges breach of fiduciary duties, unjust enrichment, gross mismanagement, abuse of control, unjust enrichment, insider selling and misappropriation of information in connection with the Company's alleged retention of DreamTeamGroup and MissionIR, two external investor and public relations firms unaffiliated with the Company, as well as the Company’s December 9, 2013 grant of stock options to certain board members and officers.
12/14/15 Niedermeyer et al. v. Kriegsman et al.
Case C.A. No. 11800
The complaint alleges breach of fiduciary duty, unjust enrichment, and gross mismanagement in connection with the Company's alleged retention of DreamTeamGroup and MissionIR, as well as its December 2013 grant of stock options to certain board members and officers
Aug 14th, Aug15th and Dec 14th Suits consolidated into CytRx Corp. Stockholder Derivative Litigation, C.A. No. 9864-VCL
10/1/14 CytRx Corporation Securities Litigation
Case 2:14-cv-01956-GHK-PJW
Settlement: the plaintiffs will receive a cash payment of $4M ($3.5M will be paid by the company's insurer) plus $4.5M in company stock
6/25/26 Crihfield v. CytRx Corp., et al
Case No. 2:16-cv-05519
Alleging that we and certain of our officers violated the Securities Exchange Act of 1934 by allegedly making materially false and/or misleading statements, and/or failing to disclose material adverse facts to the effect 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, thus requiring further analysis, which could cause the trial's results and/or FDA approval to be materially adversely affected or delayed.
6/29/16 Dorce v. CytRx Corp.
Case No. 2:16-cv-05666
alleging that we and certain of our officers violated the Securities Exchange Act of 1934 by allegedly making materially false and/or misleading statements, and/or failing to disclose material adverse facts to the effect 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, thus requiring further analysis, which could cause the trial's results and/or FDA approval to be materially adversely affected or delayed.
June 25th and July 29th Suits consolidated into: CytRx Corporation Securities Litigation , Master File No. 16-cv-05519-SJO
6/14/16 In re GALENA BIOPHARMA, INC. SECURITIES LITIGATION
Case 3:14-cv-00558-SI
Galena insiders’ relationship with DreamTeam is extensive. Galena has hired DreamTeam since 2008. Defendant Kriegsman, a director of Galena who is the CEO of Galena’s former parent CytRx Corp., retained DreamTeam to promote CytRx’s stock. CytRx sold $74.5 million of its stock while it was inflated by the DreamTeam promotion.
Defendant Steven Kriegsman has served on Galena’s board since 2006. Since 2007, he has been the Chairman of Galena’s Compensation Committee. He is also CEO of CytRx Corp., Galena’s former parent. Defendant Kriegsman sat on the Board of the Merchant Bank of California in the late 1980’s, even as it collapsed following state and federal regulatory enforcement actions. Kriegsman was also the personal accountant of its founder and Chairman. Kriegsman was previously sued for securities fraud in an action styled In re Authentidate Holding Corp. Securities Litigation, 1:05-cv-5323-LTS (S.D.N.Y.)
9/1/17 (DR. SCOTT PATTERSON, ) derivatively on behalf of CYTRX ) CORPORATION,
Breaches of fiduciary duties and other violations of the law that occurred from August 2016 to the present (the “Relevant Period”).
2002 Base Salary Bonus Options ($) Total Compensation
S.A. Kriegsman Compensation $110,000.00 $- $- $110,000.00
Cytrx Profit loss -$6,175,636.00
Share Price High Low For Year 1.05 0.21
2003 Base Salary Bonus Options ($) Total Compensation
S.A. Kriegsman Compensation $313,772.00 $150,000.00 $2,470,000.00 $2,933,772.00
Cytrx Profit loss -$17,844,600.00
Share Price High Low For Year 3.74 0.23
2004 Base Salary Bonus Options ($) Total Compensation
S.A. Kriegsman Compensation $361,173.00 $150,000.00 $- $511,173.00
Cytrx Profit loss -$16,392,189.00
Cytrx Professional Fees $359,000.00
Share Price High Low For Year 2.43 0.94
2005 Base Salary Bonus Options ($) Total Compensation
S.A. Kriegsman Compensation $399,403.00 $250,000.00 $237,000.00 $886,403.00
Cytrx Profit loss -$15,092,860.00
Cytrx Professional Fees $205,000.00
Share Price High Low For Year 2.07 0.75
2006 Base Salary Bonus Options ($) Total Compensation
S.A. Kriegsman Compensation $417,175.00 $800,000.00 $340,426.00 $1,557,601.00
Cytrx Profit loss -$16,751,824.00
Cytrx Professional Fees $900,000.00
Share Price High Low For Year 2.3 0.87
2007 Base Salary Bonus Options ($) Total Compensation
S.A. Kriegsman Compensation $524,767.00 $300,000.00 $1,328,600.00 $2,153,367.00
Cytrx Profit loss -$21,889,943.00
Cytrx Professional Fees $907,000.00
Share Price High Low For Year 5.49 1.74
2008 Base Salary Bonus Options ($) Total Compensation
S.A. Kriegsman Compensation $551,000.00 $150,000.00 $517,800.00 $1,218,800.00
Cytrx Profit loss -$27,803,075.00
Cytrx Professional Fees $531,000.00
Share Price High Low For Year 2.98 0.23
2009 Base Salary Bonus Options ($) Total Compensation
S.A. Kriegsman Compensation $550,000.00 $450,000.00 $906,000.00 $1,906,000.00
Cytrx Profit loss -$4,800,000.00
Cytrx Professional Fees $423,000.00
Share Price High Low For Year 1.72 0.24
2010 Base Salary Bonus Options ($) Total Compensation
S.A. Kriegsman Compensation $650,000.00 $450,000.00 $564,750.00 $1,664,750.00
Cytrx Profit loss $408,000.00
Cytrx Professional Fees $423,000.00
Share Price High Low For Year 1.56 0.62
2011 Base Salary Bonus Options ($) Total Compensation
S.A. Kriegsman Compensation $700,000.00 $150,000.00 $342,000.00 $1,192,000.00
Cytrx Profit loss -$14,425,000.00
Cytrx Professional Fees $286,000.00
Share Price High Low For Year 1.06 0.24
2012 Base Salary Bonus Options ($) Total Compensation
S.A. Kriegsman Compensation $700,000.00 $150,000.00 $655,000.00 $1,505,000.00
Cytrx Profit loss -$17,964,000.00
Cytrx Professional Fees $340,000.00
Share Price High Low For Year 5.5 1.75
2013 Base Salary Bonus Options ($) Total Compensation
S.A. Kriegsman Compensation $700,000.00 $330,000.00 $1,714,150.00 $2,744,150.00
Cytrx Profit loss -$47,485,000.00
Cytrx Professional Fees $316,000.00
Share Price High Low For Year 6.79 1.83
2014 Base Salary Bonus Options ($) Total Compensation
S.A. Kriegsman Compensation $825,000.00 $450,000.00 $903,000.00 $2,178,000.00
Cytrx Profit loss -$30,117,980.00
Cytrx Professional Fees $2,593,000.00
Share Price High Low For Year 8.35 2.08
2015 Base Salary Bonus Options ($) Total Compensation
S.A. Kriegsman Compensation $850,000.00 $150,000.00 $1,593,000.00 $2,593,000.00
Cytrx Profit loss -$58,587,190.00
Cytrx Professional Fees $5,459,000.00
Littigation Settlement $1,000,000.00
Share Price High Low For Year 5.42 1.98
2016 Base Salary Bonus Options ($) Total Compensation
S.A. Kriegsman Compensation $850,000.00 $150,000.00 $1,388,750.00 $2,388,750.00
Cytrx Profit loss -$50,771,221.00
Cytrx Professional Fees $193,000.00
Littigation Settlement $700,000.00
Share Price High Low For Year 3.66 0.36
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