Cell Therapeutics Fails To Nix Investor Class Action

Law360, New York (February 7, 2011, 5:24 PM EST) -- A federal judge has refused to dismiss a consolidated class action accusing biopharmaceutical company Cell Therapeutics Inc. and its executives of misleading investors into believing the U.S. Food and Drug Administration was poised to approve a new cancer treatment product.

In an order filed Friday in the U.S. District Court for the Western District of Washington, Judge Marsha J. Pechman rejected CTI's arguments for dismissal, saying the plaintiffs have provided enough circumstantial evidence to sufficiently allege scienter on the part of the company and its executives....
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