CellCyte Genetics CorporationCohen Milstein has filed a class action complaint in the United States District Court for the Western District of Washington on behalf of purchasers of CellCyte Genetics Corporation common stock (“CellCyte” or “the Company”) (OTC: CCYG) from April 6, 2007 through January 9, 2008, inclusive (the “Class Period”). The complaint charges CellCyte, certain of its officers and directors, and two others who were primary participants in the sale of the Company’s stock with violations of the Securities Exchange Act of 1934. During the Class Period, CellCyte held itself out to be “a company focused on the discovery and development of stem cell enabling therapeutic products.” The complaint alleges that CellCyte executives and business partners misled investors during the Class Period by publishing false information about the history and experience of the company’s chief executive officer Gary A. Reys. Reys’ background was called into question after published news reports called out alleged discrepancies relating to Reys’ finance degree from the University of Washington, a CPA designation, ties to the Washington Society of Certified Public Accountants, and a strong track record within the pharmaceutical industry.
According to the complaint, CellCyte made misleading and false statements about Reys to potential investors and the SEC. These published statements had the cause and effect of creating an unrealistically positive assessment of CellCyte’s prospects for investors. As a result, stock prices for the company were artificially inflated during the Class Period. Soon after Reys’ credibility came into question the suit claims CellCyte took some of Reys’ biographical information off its Web site. Within days of the removal company stock fell 55 percent to $2.20 a share. CellCyte traded at a high of $7.02 per share just days before. If you purchased CellCyte shares during the period from April 6, 2007 through January 9, 2008, inclusive, you may, no later than March 14, 2008, move the court to be appointed as Lead Plaintiff. There are certain legal requirements to serve as Lead Plaintiff. Any member of the proposed class may move the court to serve as Lead Plaintiff through counsel of their choice or may choose to remain an absent class member. Your ability to share in any recovery is not, however, affected by the decision whether or not to serve as Lead Plaintiff. Cohen Milstein has significant experience in prosecuting investor class actions and actions involving securities fraud. The firm has offices in Washington, D.C., New York, Philadelphia, Chicago, San Francisco and London, and is active in major litigation pending in federal and state courts throughout the nation. The firm’s reputation for excellence has repeatedly been recognized by courts which have appointed the firm to lead positions in complex multi-district or consolidated litigation. Cohen Milstein has taken a lead role in numerous important cases on behalf of defrauded investors, and has been responsible for a number of outstanding recoveries which, in the aggregate, total in the billions of dollars. If you have any questions about this notice or the action, or with regard to your rights, please contact: Steven J. Toll, Esq.
Cohen, Milstein, Hausfeld & Toll, P.L.L.C.
1100 New York Avenue, N.W.
West Tower, Suite 500
Washington, D.C. 20005
Telephone: (888) 240-0775 or (202) 408-4600
E-mail: stoll@cmht.com |
