Hagens Berman Sobol Shapiro Announces Proposed Class-Action Lawsuit Agains...(ct of creating an unrealistically positi...)
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Hagens Berman Sobol Shapiro Announces Proposed Class-Action Lawsuit Against CellCyte
Date:1/14/2008
ct 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
Steve Berman
206-623-7292
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