Investors with losses are encouraged to contact the firm before April 19, 2021; click here to submit trade information
LOS ANGELES, April 08, 2021 (GLOBE NEWSWIRE) -- The Portnoy Law Firm advises investors that a class action lawsuit has been filed on behalf of CytoDyn, Inc. (OTCQB: CYDY) investors that acquired shares between March 27, 2020 and March 9, 2021. Investors have until April 19, 2021 to seek an active role in this litigation.
It is alleged in this complaint that made materially misleading and/or false statements touting Leronlimab as a potential treatment for COVID-19 in order to inflate the CytoDyn stock price while executives were aggressively selling their shares. It is also alleged in this complaint that CytoDyn engaged in an illegal scheme whereby Iliad Research and Trading L.P. and other entities related to Iliad’s principal John Fife operated as an unregistered securities dealer for CytoDyn. CytoDyn’s share price fell $1.14 per share, or 28%, on this news, to close at $2.91 on March 8, 2021. Shares of CytoDyn dropped an additional 19% on March 9, 2021 to close at $2.35, thereby further injuring investors.
A class action lawsuit has already been filed. If you wish to serve as lead plaintiff, you must move the Court no later than April 19, 2021.
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The Portnoy Law Firm represents investors in pursuing claims arising from corporate wrongdoing. The Firm’s founding partner has recovered over $5.5 billion for aggrieved investors. Attorney advertising. Prior results do not guarantee similar outcomes.