| COMPANY |
CytoDyn, Inc. |
| COURT |
United States District Court for the Western District of Washington |
| CASE NUMBER |
21-cv-05190 |
| JUDGE |
The Honorable Benjamin H. Settle |
| CLASS PERIOD |
March 27, 2020 - March 9, 2021 |
| SECURITY TYPE |
Common Stock |
Case Background:
The Class Period commences on March 27, 2020, when CytoDyn issued a press release regarding Leronlimab’s use in treating COVID-19 patients entitled “Leronlimab Used in Seven Patients with Severe COVID-19 Demonstrated Promise with Two Intubated Patients in ICU, Removed from ICU and Extubated with Reduced Pulmonary Inflammation.”
Throughout the Class Period, CytoDyn continued to tout Leronlimab as a potential treatment for COVID-19 and to pump up the stock price of CytoDyn while executives aggressively sold shares. Indeed, while CytoDyn’s stock price was sufficiently pumped with the COVID-19 cure hype, long-term shareholders, including defendants Nader Z. Pourhassan, CytoDyn’s Chief Executive Officer, and Michael Mulholland, CytoDyn’s Chief Financial Officer, dumped millions of shares.
The complaint alleges that, throughout the Class Period, the defendants made false and/or misleading statements and/or failed to disclose that CytoDyn’s development and marketing of Leronlimab as a treatment for COVID-19 was not commercially viable as possible.
Current Status of Case:
The Motion to Dismiss is pending and awaiting the Court’s decision. This action is ongoing.
If you wish to discuss this action or have any questions concerning this notice or your rights or interests with respect to these matters, please contact Kessler Topaz Meltzer & Check, LLP: Jon Naji, Esq. (484) 270-1453; or via e-mail at info@ktmc.com. If you would like additional information about the suit, please click on the link "Submit Your Information" above and fill out the form as promptly as possible.