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CellCyte may have misled investors by overstating and otherwise publishing false information and history and experience of the CEO.
Investigation Source (Case #08-cv-00047)
- Nationwide
Investigation Scope
Category Information
Investigation Topics
- Investments
- False And Misleading Statements
- Drug Or Medical Device Problem
Product or Service
- Investments
Injury Type
- Monetary Loss
Investigation Details
Investigation and a pending class action lawsuit against CellCyte for alleged violations of securities laws.
According to the class action complaint, CellCyte executives and business partners misled investors by publishing false information about the history and experience of the company's chief executive officer Gary A. Reys.
The class action lawsuit alleges that company shares were traded at artificially inflated prices due to the company's activities. Reys' education and professional credentials were called into question after published news reports called out alleged discrepancies relating to Reys's finance degree from the University of Washington, a CPA designation, ties to the Washington Society of Certified Public Accountants and a strong track record within the pharmaceutical industry.
Soon after these reports company stock plummeted 55 percent.
According to the class action complaint, CellCyte executives and business partners misled investors by publishing false information about the history and experience of the company's chief executive officer Gary A. Reys.
The class action lawsuit alleges that company shares were traded at artificially inflated prices due to the company's activities. Reys' education and professional credentials were called into question after published news reports called out alleged discrepancies relating to Reys's finance degree from the University of Washington, a CPA designation, ties to the Washington Society of Certified Public Accountants and a strong track record within the pharmaceutical industry.
Soon after these reports company stock plummeted 55 percent.
Defendant Details
| Name (Stock Symbol) | Brief Description |
|---|---|
| CellCyte Genetics Corporation (CCYG.OB) | CellCyte Genetics Corporation is an early stage biotech company using stem cells to create new therapies. |