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.
Name (Stock Symbol)
CellCyte Genetics Corporation (CCYG.OB)
CellCyte Genetics Corporation is an early stage biotech company using stem cells to create new therapies.
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