NEW YORK, April 9, 2021 /PRNewswire/ -- Wolf Haldenstein Adler Freeman & Herz LLP announces that a federal securities class action lawsuit has been filed against CytoDyn, Inc. ("CytoDyn" or the "Company") (OTCQB: CYDY) in the United States District Court for the Western District of Washington on behalf of those who purchased or acquired the securities of CytoDyn between March 27, 2020 and March 9, 2021,
inclusive (the "Class Period").
All investors who purchased shares of CytoDyn, Inc. and incurred losses are urged to contact the firm immediately at email@example.com or (800) 575-0735 or (212) 545-4774. You may obtain additional information concerning the action or join the case on our website www.whafh.com.
If you have incurred losses in the shares of CytoDyn, Inc., you may, no later than May 17, 2021, request that the Court appoint you lead plaintiff of the proposed class. Please contact Wolf Haldenstein to learn more about your rights as an investor in the shares of CytoDyn, Inc.
The filed Complaint alleges that Defendants made materially false and/or misleading statements, and failed to disclose that:
- while the Company's stock price was sufficiently pumped with the COVID-19 cure hype, long-term shareholders, including CEO Nader Z. Pourhassan and CFO Michael Mulholland, dumped millions of shares;
- the Company engaged in a wrongful scheme with its lender, Iliad Research and Trading L.P. ("Iliad"), and its principal John Fife ("Fife"), whereby Iliad and other Fife entities operated as an unregistered securities dealer for the Company; and
- Iliad obtained a convertible promissory note from the Company and converted the note into newly issued shares of the Company and sold those shares into the public market at a profit, in violation of the dealer registration requirements of the federal securities laws.
On this news, the Company's share price fell $1.14 per share, or 28%, to close at $2.91 on March 8, 2021. On March 9, 2021, CytoDyn shares dropped an additional 19% to close at $2.35.
Wolf Haldenstein has extensive experience in the prosecution of securities class actions and derivative litigation in state and federal trial and appellate courts across the country. The firm has attorneys in various practice areas; and offices in New York, Chicago and San Diego. The reputation and expertise of this firm in shareholder and other class litigation has been repeatedly recognized by the courts, which have appointed it to major positions in complex securities multi-district and consolidated litigation.
If you wish to discuss this action or have any questions regarding your rights and interests in this case, please immediately contact Wolf Haldenstein by telephone at (800) 575-0735, via e-mail at firstname.lastname@example.org, or visit our website at www.whafh.com.
Wolf Haldenstein Adler Freeman & Herz LLP
Kevin Cooper, Esq.
Gregory Stone, Director of Case and Financial Analysis
Email: email@example.com, firstname.lastname@example.org or email@example.com
Tel: (800) 575-0735 or (212) 545-4774
This press release may be considered Attorney Advertising in some jurisdictions under the applicable law and ethical rules.
View original content to download multimedia:http://www.prnewswire.com/news-releases/cytodyn-inc-class-action-alert-wolf-haldenstein-adler-freeman--herz-llp-notifies-investors-that-a-securities-class-action-lawsuit-has-been-filed-in-the-united-states-district-court-for-the-southern-district-of-new-york-301265650.html
SOURCE Wolf Haldenstein Adler Freeman & Herz LLP