Finkelstein Thompson announces that a class action law suit has been filed in the United States District Court for the Western District of Washington against CellCyte Genetics Corporation ("CellCyte or the "Company) (OTCBB:CCYG.OB), and is investigating similar claims at this time.
On January 8 and 9, CellCyte's share price plummeted 55% in unusually high trading volume. The drop occurred immediately following the publication of an article in the Seattle Times calling into question the accuracy of statements made about the Company's CEO and co-founder, Gary Reys. CellCyte made numerous changes to its Company website shortly after the newspaper's inquiry.
According to The Seattle Times, CellCyte removed claims from its website that Reys had led his previous company "from conception to early human clinical trials in 18 months and that Reys had helped a pharmaceuticals company through an initial stock offering and a sale to a drug-industry giant. In addition, CellCyte filings with the SEC stated that Reys had "attended the University of Washington and majored in finance although Reys had never received a degree at the university.
The SEC filings also stated that Reys received a "CPA designate and the Company's website listed Reys as a former member of the Washington Society of Certified Public Accountants. However, the Washington state Board of Accountancy stated that Reys was not registered as a certified public accountant, and the Board did not have any record that Reys had taken the CPA test in Washington. The Company's website also represented that Reys had brought his previous company, Cennapharm, to early clinical trials in humans despite the fact that documents from a 2003 legal dispute between Reys and Cennapharm revealed that the company had never tested its product on humans.
If you are a shareholder of CellCyte and wish to discuss your rights and interests as an investor, please contact our Washington, D.C. office toll-free at (877) 337-1050 or by email at contact@finkelsteinthompson.com. You can learn more about Finkelstein Thompson LLP at http://www.finkelsteinthompson.com
