SEC Says CellCyte Swindled Stem Cell Investors

Law360, New York (September 9, 2009, 1:58 PM EDT) -- The U.S. Securities and Exchange Commission has accused biotechnology company CellCyte Genetics Corp. and two of its top executives of fraudulently inflating the company's stock price by telling investors that its stem cell technology had proven successful and was headed for human trials.

In a lawsuit filed Tuesday in the U.S. District Court for the Western District of Washington, the agency says the fledgling company made the claims about its key product — a special stem cell therapy to treat and repair damaged organs — even...
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