{"id":464455,"date":"2021-03-24T13:03:18","date_gmt":"2021-03-24T17:03:18","guid":{"rendered":"http:\/\/www.marketnewsdesk.com\/?p=464455"},"modified":"2021-03-24T13:03:18","modified_gmt":"2021-03-24T17:03:18","slug":"glancy-prongay-murray-llp-reminds-investors-of-looming-deadline-in-the-class-action-lawsuit-against-cytodyn-inc-cydy","status":"publish","type":"post","link":"https:\/\/www.marketnewsdesk.com\/index.php\/glancy-prongay-murray-llp-reminds-investors-of-looming-deadline-in-the-class-action-lawsuit-against-cytodyn-inc-cydy\/","title":{"rendered":"Glancy Prongay & Murray LLP Reminds Investors of Looming Deadline in the Class Action Lawsuit Against CytoDyn, Inc. (CYDY)"},"content":{"rendered":"

<\/p>\n

Glancy Prongay & Murray LLP Reminds Investors of Looming Deadline in the Class Action Lawsuit Against CytoDyn, Inc. (CYDY)<\/b><\/p>\n

LOS ANGELES–(BUSINESS WIRE<\/a>)–Glancy Prongay & Murray LLP<\/a> (\u201cGPM\u201d) reminds investors of the upcoming May 17, 2021 <\/b>deadline to file a lead plaintiff motion in the class action filed on behalf of investors who purchased or otherwise acquired CytoDyn, Inc. (\u201cCytoDyn\u201d or the \u201cCompany\u201d) (OTC: CYDY<\/a>) common stock between March 27, 2020 and March 9, 2021<\/b>, inclusive (the \u201cClass Period\u201d).\n<\/p>\n

\nIf you suffered a loss on your CytoDyn investments or would like to inquire about potentially pursuing claims to recover your loss under the federal securities laws, you can submit your contact information at https:\/\/www.glancylaw.com\/cases\/cytodyn-inc\/<\/a>. You can also contact Charles H. Linehan, of GPM at 310-201-9150, Toll-Free at 888-773-9224, or via email at shareholders@glancylaw.com<\/a> to learn more about your rights.\n<\/p>\n

\nOn August 26, 2020, The Wall Street Journal reported that, despite earlier representations, CytoDyn was not being considered for Operation Warp Speed, the federal government\u2019s program aimed at fast-tracking virus treatments. According to a senior administration official, \u201cCytoDyn had only completed a preliminary qualification for being included in the initiative.\u201d\n<\/p>\n

\nOn this news, CytoDyn’s share price fell $0.66 per share, or 17%, over two consecutive trading sessions to close at $3.15, thereby injuring investors.\n<\/p>\n

\nOn September 3, 2020, the U.S. Securities and Exchange Commission (\u201cSEC\u201d) filed a lawsuit against Iliad Research and Trading L.P. (\u201cIliad\u201d), CytoDyn\u2019s lender, Iliad\u2019s principal John Fife (\u201cFife\u201d), and certain Fife-related entities. Specifically, the SEC alleged that Iliad and its related entities operated as unregistered securities dealers in violation of the federal securities laws by buying convertible promissory notes, converting the notes into newly issued shares of stock, then rapidly selling those shares into the public at a profit.\n<\/p>\n

\nOn November 10, 2020, CytoDyn entered into an amended $28.5 million Secured Convertible Promissory Note with Fife\u2019s company, Streeterville Capital LLC, a related entity that was not specifically named in the SEC action against Iliad and Fife.\n<\/p>\n

\nOn this news, the price of CytoDyn\u2019s shares closed at $2.02, representing an 80% decline from the Class Period high.\n<\/p>\n

\nOn March 5, 2020, after the market closed, CytoDyn began issuing press releases that described the results of Phase IIb\/III testing data for Leronlimab for the treatment of COVID-19. Masked by positive titles, these releases disclosed that the primary endpoint for the study (lowering all-cause mortality at Day 28) was not statistically significant.\n<\/p>\n

\nOn this news, the Company\u2019s 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, thereby injuring investors further.\n<\/p>\n

\nThe complaint filed in this class action alleges that throughout the Class Period, Defendants made materially false and\/or misleading statements touting Leronlimab as a potential treatment for COVID-19 to pump up the CytoDyn\u2019s stock price while executives aggressively sold their shares. The complaint also alleges that CytoDyn engaged in a wrongful scheme whereby Iliad and other Fife entities operated as an unregistered securities dealer for CytoDyn.\n<\/p>\n

\nFollow us for updates on LinkedIn<\/a>, Twitter<\/a>, or Facebook<\/a>.\n<\/p>\n

\nIf you purchased or otherwise acquired CytoDyn common stock during the Class Period, you may move the Court no later than May 17, 2021 <\/b>to request appointment as lead plaintiff in this putative class action lawsuit. To be a member of the class action you need not take any action at this time; you may retain counsel of your choice or take no action and remain an absent member of the class action. If you wish to learn more about this class action, or if you have any questions concerning this announcement or your rights or interests with respect to the pending class action lawsuit, please contact Charles Linehan, Esquire, of GPM, 1925 Century Park East, Suite 2100, Los Angeles, California 90067 at 310-201-9150, Toll-Free at 888-773-9224, by email to shareholders@glancylaw.com<\/a>, or visit our website at www.glancylaw.com<\/a>. If you inquire by email please include your mailing address, telephone number and number of shares purchased.\n<\/p>\n

\nThis press release may be considered Attorney Advertising in some jurisdictions under the applicable law and ethical rules.\n<\/p>\n

\"\"<\/p>\n

View source version on businesswire.com: <\/span>https:\/\/www.businesswire.com\/news\/home\/20210324005243\/en\/<\/a><\/span><\/p>\n

\nGlancy Prongay & Murray LLP, Los Angeles
\n
Charles Linehan, 310-201-9150 or 888-773-9224
\n
shareholders@glancylaw.com
\n<\/a>
www.glancylaw.com<\/a><\/p>\n

KEYWORDS:<\/b> United States North America California<\/p>\n

INDUSTRY KEYWORDS:<\/b> Legal Professional Services<\/p>\n

MEDIA:<\/b><\/p>\n\n\n\n\n
Logo<\/b><\/font><\/td>\n<\/tr>\n
\"Logo\"<\/td>\n<\/tr>\n
<\/font><\/td>\n<\/tr>\n<\/table>\n","protected":false},"excerpt":{"rendered":"

Glancy Prongay & Murray LLP Reminds Investors of Looming Deadline in the Class Action Lawsuit Against CytoDyn, Inc. (CYDY) LOS ANGELES–(BUSINESS WIRE)–Glancy Prongay & Murray LLP (\u201cGPM\u201d) reminds investors of the upcoming May 17, 2021 deadline to file a lead plaintiff motion in the class action filed on behalf of investors who purchased or otherwise acquired CytoDyn, Inc. (\u201cCytoDyn\u201d or the \u201cCompany\u201d) (OTC: CYDY) common stock between March 27, 2020 and March 9, 2021, inclusive (the \u201cClass Period\u201d). If you suffered a loss on your CytoDyn investments or would like to inquire about potentially pursuing claims to recover your loss under the federal securities laws, you can submit your contact information at https:\/\/www.glancylaw.com\/cases\/cytodyn-inc\/. You can also contact Charles H. Linehan, … <\/p>\n

Continue reading “Glancy Prongay & Murray LLP Reminds Investors of Looming Deadline in the Class Action Lawsuit Against CytoDyn, Inc. (CYDY)”<\/span><\/a><\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[],"tags":[],"class_list":["post-464455","post","type-post","status-publish","format-standard","hentry"],"yoast_head":"\nGlancy Prongay & Murray LLP Reminds Investors of Looming Deadline in the Class Action Lawsuit Against CytoDyn, Inc. (CYDY) - Market Newsdesk<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.marketnewsdesk.com\/index.php\/glancy-prongay-murray-llp-reminds-investors-of-looming-deadline-in-the-class-action-lawsuit-against-cytodyn-inc-cydy\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Glancy Prongay & Murray LLP Reminds Investors of Looming Deadline in the Class Action Lawsuit Against CytoDyn, Inc. (CYDY) - Market Newsdesk\" \/>\n<meta property=\"og:description\" content=\"Glancy Prongay & Murray LLP Reminds Investors of Looming Deadline in the Class Action Lawsuit Against CytoDyn, Inc. (CYDY) LOS ANGELES–(BUSINESS WIRE)–Glancy Prongay & Murray LLP (\u201cGPM\u201d) reminds investors of the upcoming May 17, 2021 deadline to file a lead plaintiff motion in the class action filed on behalf of investors who purchased or otherwise acquired CytoDyn, Inc. (\u201cCytoDyn\u201d or the \u201cCompany\u201d) (OTC: CYDY) common stock between March 27, 2020 and March 9, 2021, inclusive (the \u201cClass Period\u201d). If you suffered a loss on your CytoDyn investments or would like to inquire about potentially pursuing claims to recover your loss under the federal securities laws, you can submit your contact information at https:\/\/www.glancylaw.com\/cases\/cytodyn-inc\/. You can also contact Charles H. Linehan, … Continue reading "Glancy Prongay & Murray LLP Reminds Investors of Looming Deadline in the Class Action Lawsuit Against CytoDyn, Inc. 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