Robbins Geller Rudman & Dowd LLP Announces Lead Plaintiff Deadline in the CytoDyn, Inc. Class Action Lawsuit
Robbins Geller Rudman & Dowd LLP announces that purchasers of CytoDyn, Inc. (OTC:CYDY) common stock between March 27, 2020 and March 9, 2021, inclusive (the “Class Period”) have until May 17, 2021 to seek appointment as lead plaintiff in the CytoDyn class action lawsuit, Lewis v. CytoDyn, Inc., No. 21-cv-05190 (W.D. Wash.), which is assigned to Judge Benjamin H. Settle.
The Private Securities Litigation Reform Act of 1995 permits any investor who purchased CytoDyn common stock during the Class Period to seek appointment as lead plaintiff in the CytoDyn class action lawsuit. A lead plaintiff is generally the movant with the greatest financial interest in the relief sought by the putative class who is also typical and adequate of the putative class. A lead plaintiff acts on behalf of all other class members in directing the CytoDyn class action lawsuit. The lead plaintiff can select a law firm of its choice to litigate the CytoDyn class action lawsuit. An investor’s ability to share in any potential future recovery of the CytoDyn class action lawsuit is not dependent upon serving as lead plaintiff. If you wish to serve as lead plaintiff of the CytoDyn class action lawsuit or have questions concerning your rights regarding the CytoDyn class action lawsuit, please provide your information here or contact counsel, J.C. Sanchez of Robbins Geller, at 800/449-4900 or 619/231-1058 or via e-mail at email@example.com. Lead plaintiff motions for the CytoDyn class action lawsuit must be filed with the court no later than May 17, 2021.
CytoDyn is a biotechnology company focused on the development and commercialization of a drug named “Leronlimab” which has long been promoted as a potential therapy for HIV patients.
The CytoDyn class action lawsuit alleges that since the beginning of the global COVID-19 pandemic, CytoDyn has begun to aggressively tout Leronlimab as a treatment for COVID-19. Consequently, after CytoDyn’s pivot to hyping Leronlimab as a treatment for COVID-19, CytoDyn’s stock price rose exponentially. The CytoDyn class action lawsuit further alleges that while CytoDyn’s stock price was sufficiently pumped with the COVID-19 cure hype, defendants dumped millions of shares at artificially inflated prices. Moreover, the CytoDyn class action lawsuit alleges that CytoDyn also engaged in a wrongful scheme with its lender, Iliad Research and Trading L.P. and its principal John Fife whereby Iliad and other Fife entities operated as an unregistered securities dealer for CytoDyn. In connection with Iliad lending funds to CytoDyn, Iliad obtained a convertible promissory note from CytoDyn and converted the note into newly issued shares of CytoDyn and sold those shares into the public market at a profit, in alleged violation of the dealer registration requirements of the federal securities laws.
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