SEATTLE, Jan. 14 /PRNewswire/ -- Hagens Berman Sobol Shapiro LLP (http://www.hbsslaw.com/ccyg.htm) today announced it filed a proposed class-action lawsuit in the United States District Court for the Western District of Washington at Seattle on behalf of purchasers of the common stock of CellCyte Genetics Corporation, ("CellCyte" or the "Company") (OTC Bulletin Board: CCYG) during the period between April 6, 2007 through and including January 9, 2008 (the "Class Period").
If you wish to serve as lead plaintiff, you must move the Court no later than 60 days from January 14, 2008 -- or by March 14, 2008. If you wish to discuss this action or have any questions concerning this notice or your rights or interests, please contact plaintiff's counsel, Steve Berman at 206-623-7292, or via e-mail at firstname.lastname@example.org.
You can view a copy of the Complaint as filed online at http://www.hbsslaw.com/ccyg.htm. Any member of the proposed class may move the Court to serve as lead plaintiff through counsel of their choice, or may choose to do nothing and remain a member of the proposed class.
The complaint alleges that during the Class Period CellCyte executives and business partners misled investors 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' biography 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.
The Complaint alleges that the Defendants violated Section 10(b) of the Securities Exchange Act of 1934 (the "Exchange Act") and Rule 10b-5 promulgated there under against all defendants and that Defendants Gary A. Reys, Ronald W. Berninger, Robert H. Harris, G. Brent Pierce and James L. Rapholz violated Section 20(a) of the Exchange Act.
Hagens Berman Sobol Shapiro, a law firm with offices in Seattle, San
Francisco, Los Angeles, Boston, Chicago and Phoenix, is active in major
litigations pending in federal and state courts throughout the United
States and has taken a leading role in many important actions on behalf of
defrauded investors, consumers, and companies, as well as victims of human
rights violations. The Hagens Berman Web site (http://www.hbsslaw.com) has
more information about the firm.
Contact: Hagens Berman Sobol Shapiro LLP
|SOURCE Hagens Berman Sobol Shapiro LLP|
Copyright©2008 PR Newswire.
All rights reserved