CYTODYN ALERT: Bragar Eagel & Squire, P.C. is Investigating CytoDyn, Inc. on Behalf of CytoDyn Stockholders and Encourages Investors to Contact the Firm
NEW YORK–(BUSINESS WIRE)–
Bragar Eagel & Squire, P.C., a nationally recognized shareholder rights law firm, is investigating potential claims against CytoDyn, Inc. (Other OTC: CYDY) on behalf of CytoDyn stockholders. Our investigation concerns whether CytoDyn has violated the federal securities laws and/or engaged in other unlawful business practices.
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On March 5, 2021, CytoDyn issued a press release providing an update on its product “Vyrologix (leronlimab-PRO 140), a CCR5 antagonist with the potential for multiple therapeutic indications.” The press release stated, in part, that “the Phase 3 trial of leronlimab for the treatment of severe-to-critical patients with COVID-19 demonstrated continued safety, substantial improvement in the survival rate, and faster hospital discharge in critically ill COVID-19 patients.” Although the press release touted purportedly positive results, industry observers and analysts quickly characterized the Company’s press release as misleading. For example, on March 8, 2021, Seeking Alpha published an article by Paul Santos entitled “CytoDyn: Parsing Failure.” The article asserted that CytoDyn’s “leronlimab Phase 3 trial on COVID-19 severe-to-critical patients failed . . . to meet both its primary endpoint and all secondary endpoints with any statistical significance” and described the Company as having effectively “buried” the results in its press release. Santos noted that “[a] normal biotech company would have stated this clearly, both in its PR titles and in their text bodies. CytoDyn, however, did something else.”
As the market digested the actual significance of CytoDyn’s announcement, the Company’s stock price fell $1.70 per share, or 41.98%, over the following two trading sessions, closing at $2.35 per share on March 9, 2021.
If you purchased or otherwise acquired CytoDyn shares and suffered a loss, are a long-term stockholder, have information, would like to learn more about these claims, or have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Brandon Walker, Melissa Fortunato, or Marion Passmore by email at [email protected], telephone at (212) 355-4648, or by filling out this contact form. There is no cost or obligation to you.
About Bragar Eagel & Squire, P.C.:
Bragar Eagel & Squire, P.C. is a nationally recognized law firm with offices in New York, California, and South Carolina. The firm represents individual and institutional investors in commercial, securities, derivative, and other complex litigation in state and federal courts across the country. For more information about the firm, please visit www.bespc.com. Attorney advertising. Prior results do not guarantee similar outcomes.
View source version on businesswire.com: https://www.businesswire.com/news/home/20210316005943/en/
Bragar Eagel & Squire, P.C.
Brandon Walker, Esq.
Melissa Fortunato, Esq.
Marion Passmore, Esq.
(212) 355-4648
[email protected]
www.bespc.com
KEYWORDS: New York United States North America
INDUSTRY KEYWORDS: Legal Professional Services
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