Cell Therapeutics Settles Investor Lawsuit For $19M

Law360, Washington (February 14, 2012, 6:59 PM EST) -- Seattle-based biotechnology company Cell Therapeutics Inc. agreed to pay $19 million to settle a class action by investors who contended the company's stock price was artificially inflated due to misleading statements about a pipeline drug, according to a Tuesday court filing.

The lead plaintiffs requested conditional class certification for settlement purposes as well as preliminary approval of the settlement in an unopposed motion in Washington federal court.

If approved, the settlement will mark an end of a consolidated class action that accused CTI of misleading investors...
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