BOSTON, MA / ACCESSWIRE / June 30, 2020 / On June 30, 2020, analyst Citron Research issued a report regarding CytoDyn Inc. (OTC:CYDY) entitled "SEC Must Immediately Halt this Stock Promotion Scheme." Citron wrote: "[w]e cannot remember the last time we've seen a bigger joke of a stock."
In its report, Citron continued, "[t]his is a $5 billion market cap company with 10 employees who claim to have the cure for COVID with zero data and a CEO who sold >$30 million of stock ~70% lower than yesterday's closing price. The CEO has made inappropriate promotional claims like ‘this looks the solution to coronavirus' leading into his most recent stock sale." Citron further wrote that despite CytoDyn's "aggressively tout[ing] its investigational drug candidate, Leronlimab, as a potential treatment for COVID-19 . . . there is zero scientific data to support this view." This, Citron notes, "has not prevented the company from making several misleading and disingenuous claims in an effort to generate hype around their drug candidate and stock price."
On this news, shares are down approximately 34%.
Block & Leviton LLP (www.blockesq.com), a national securities litigation firm, is investigating whether CytoDyn and certain of its executives may be liable for potential securities fraud.
If you purchased or acquired shares of CytoDyn and have questions about your legal rights or possess information relevant to this matter, please contact Block & Leviton attorneys at (617) 398-5600, via email at [email protected], or at https://shareholder.law/cases/?case=cytodyn.
Block & Leviton LLP is a firm dedicated to representing investors and maintaining the integrity of the country's financial markets. The firm represents many of the nation's largest institutional investors as well as individual investors in securities litigation throughout the United States. The firm's lawyers have recovered billions of dollars for its clients.
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SOURCE: Block & Leviton LLP