Class Action Filed On Behalf Of CytoDyn, Inc. Investors – CYDY Investors With Losses Greater Than $100,000 Encouraged To Contact Kehoe Law Firm, P.C.
Kehoe Law Firm, P.C. is investigating potential securities claims on behalf of investors of CytoDyn, Inc. (“CytoDyn” or the “Company”) (OTC: CYDY) to determine whether the Company engaged in securities fraud or other unlawful business practices.
On March 17, 2021, a class action lawsuit was filed against CytoDyn in United States District Court on behalf of CytoDyn investors who purchased, or otherwise acquired, CytoDyn common stock between March 27, 2020 and March 9, 2021, both dates inclusive (the “Class Period”).
According to the class action complaint, CytoDyn issued numerous press releases, conducted conference calls, participated in interviews, and aggressively utilized several third-party investor relations and stock newsletter services to tout Leronlimab as a potential treatment for COVID-19 and to pump up the stock price of CytoDyn while executives aggressively sold shares.
The class action complaint also alleges that in addition to overstating the viability of Leronlimab as a COVID-19 treatment, CytoDyn also engaged in a wrongful scheme with its lender, Iliad Research and Trading L.P. (“Iliad”), and its principal John Fife (“Fife”), whereby Iliad and other Fife entities operated as an unregistered securities dealer for CytoDyn. In connection with Iliad lending funds to CytoDyn, Iliad obtained a convertible promissory note from CytoDyn and converted the note into newly issued shares of CytoDyn and sold those shares into the public market at a profit, in violation of the dealer registration requirements of the federal securities laws.
INVESTORS WHO PURCHASED, OR OTHERWISE ACQUIRED, THE COMPANY’S COMMON STOCK DURING THE CLASS PERIOD AND SUFFERED LOSSES GREATER THAN $100,000 ARE ENCOURAGED TO COMPLETE KEHOE LAW FIRM’S SECURITIES CLASS ACTION QUESTIONNAIRE OR CONTACT KEVIN CAULEY, DIRECTOR, CLIENT RELATIONS, (215) 792-6676, EXT. 802, [email protected], [email protected], [email protected], TO DISCUSS THE SECURITIES CLASS ACTION INVESTIGATION OR POTENTIAL LEGAL CLAIMS.