![](http://investorshub.advfn.com/images/default_ih_profile2_4848.jpg?cb=0)
Wednesday, June 15, 2016 5:45:36 AM
BEVERLY, MA–(Marketwired – June 09, 2016) - Cellceutix Corporation (OTC: CTIX) (the “Company”), a clinical stage biopharmaceutical company developing innovative therapies with oncology, dermatology, anti-inflammatory and antibiotic applications, is pleased to announce that, yesterday, the U.S. District Court for the Southern District of New York granted the Company’s motion to dismiss the securities class action lawsuit brought against the Company by a plaintiff represented by the Rosen Law Firm.
The ruling dismisses all claims against Cellceutix, denies the plaintiff’s request to file an amended complaint, and orders that the case be closed. Writing on behalf of the Court in a 39-page ruling, the Honorable Judge Katherine Polk Failla dismissed the lawsuit in its entirety (Case 1:15-cv-07194-KPF), concluding:
For the reasons stated in this Opinion, Defendants’ motion to dismiss Plaintiff’s SAC [Second Amended Complaint] is GRANTED. Plaintiff has requested leave to replead, without presenting any concrete means of remedying the deficiencies identified in this Opinion. Because Plaintiff has previously been given leave to replead, and because the Court finds that any further repleading would be futile, Plaintiff’s request is DENIED. See Loreley Fin. (Jersey) No. 3 Ltd. v. Wells Fargo Sec., LLC, 797 F.3d 160, 190 (2d Cir. 2015) (identifying futility as a proper ground for denying leave to replead); see generally United States ex rel. Ladas v. Exelis, Inc., – F.3d -, No. 14-4155-cv, 2016 WL 3003674, at *9 (2d Cir. May 25, 2016). The Clerk of Court is directed to terminate all pending motions, adjourn all remaining dates, and close this case.
“We are extremely pleased with Judge Failla’s decision,” commented attorney Michael J. Sullivan, lead counsel for Cellceutix and former U.S. Attorney for the District of Massachusetts. “From the outset, of this case, it was our opinion that the claims were both meritless and frivolous, so we were gratified that after careful consideration, to see Judge Failla agree to dismiss this case in its entirety. An anonymous libelous article caused this case to be filed. The author intended and in fact caused the price of Cellceutix’s stock to decline. This type of manipulation of publicly traded stock is illegal and causes harm to companies and investors. We continue to work with regulators, prosecutors and law enforcement to assist in identifying the anonymous individuals and organizations intent on manipulating the value of a company’s stock by publishing dishonest articles in online forums, and other venues. Such ‘short and distort’ tactics are illegal, detrimental to our securities markets, and must stop.”
“We are extremely pleased with the ruling,” stated Leo Ehrlich, Chief Executive Officer of Cellceutix. “I greatly appreciate the work of the Ashcroft Law Firm. They never wavered in their support, and put forth a zealous defense of our Company against these baseless claims. Frivolous class action lawsuits are a huge burden on the biotech industry, negatively impacting shareholders and patients alike. Not only is a company materially damaged, but promising treatments and cures under development are put at greater risk of not making it to market. These actions caused significant damage to our Company and shareholders. We hope that the dismissal of this case and all its ramifications sends a powerful signal to others to think twice about pursuing such actions.”
The Court’s opinion dismissing the lawsuit can be found on http://cellceutix.com/wp-content/uploads/2015/08/49-Memo-Opinion-and-Order-MTD-GRANTED.pdf
- See more at: http://cellceutix.com/cellceutix-announces-dismissal-of-class-action-lawsuit-filed-by-rosen-law-firm/#sthash.99z9t6UB.dpuf
http://cellceutix.com/cellceutix-announces-dismissal-of-class-action-lawsuit-filed-by-rosen-law-firm/#sthash.99z9t6UB.dpbs
Recent NWBO News
- Biophma Announces Exclusive In License for Dendritic Cell Technology, Sending Shares Higher • AllPennyStocks.com • 06/17/2024 04:40:00 PM
- Form 8-K - Current report • Edgar (US Regulatory) • 06/04/2024 09:11:16 PM
- Form DEF 14A - Other definitive proxy statements • Edgar (US Regulatory) • 06/03/2024 09:22:55 PM
- Form PRE 14A - Other preliminary proxy statements • Edgar (US Regulatory) • 05/22/2024 08:13:36 PM
- Form 10-Q - Quarterly report [Sections 13 or 15(d)] • Edgar (US Regulatory) • 05/10/2024 09:04:57 PM
- Form NT 10-K - Notification of inability to timely file Form 10-K 405, 10-K, 10-KSB 405, 10-KSB, 10-KT, or 10-KT405 • Edgar (US Regulatory) • 03/01/2024 10:04:38 PM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 12/02/2023 01:31:35 AM
- Form 8-K - Current report • Edgar (US Regulatory) • 11/16/2023 10:11:54 PM
- Epazz, Inc. (OTC Pink: EPAZ) ZenaDrone Demonstration to Defense Departments of UAE and Saudi Arabia • InvestorsHub NewsWire • 11/15/2023 12:19:31 PM
- Form 10-Q - Quarterly report [Sections 13 or 15(d)] • Edgar (US Regulatory) • 11/09/2023 09:30:39 PM
- Epazz, Inc. (OTC Pink: EPAZ) US Navy Collaboration ZenaDrone 1000 • InvestorsHub NewsWire • 11/09/2023 01:00:34 PM
- Epazz, Inc. (OTC Pink: EPAZ) US Navy Collaboration ZenaDrone 1000 Extreme Weather Demo • InvestorsHub NewsWire • 11/07/2023 12:29:43 PM
- Form 10-Q - Quarterly report [Sections 13 or 15(d)] • Edgar (US Regulatory) • 08/09/2023 08:36:14 PM
ATWEC Announces Major Acquisition and Lays Out Strategic Growth Plans • ATWT • Jun 20, 2024 7:09 AM
North Bay Resources Announces Composite Assays of 0.53 and 0.44 Troy Ounces per Ton Gold in Trenches B + C at Fran Gold, British Columbia • NBRI • Jun 18, 2024 9:18 AM
VAYK Assembling New Management Team for $64 Billion Domestic Market • VAYK • Jun 18, 2024 9:00 AM
Fifty 1 Labs, Inc Announces Acquisition of Drago Knives, LLC • CAFI • Jun 18, 2024 8:45 AM
Hydromer Announces Attainment of ISO 13485 Certification • HYDI • Jun 17, 2024 9:22 AM
ECGI Holdings Announces LOI to Acquire Pacific Saddlery to Capitalize on $12.72 Billion Market Potential • ECGI • Jun 13, 2024 9:50 AM