CTI BioPharma Settles Investor Testing Info Row For $20M

Law360, New York (September 5, 2017, 5:25 PM EDT) -- CTI BioPharma Corp. and its executives will pay $20 million to a proposed class of investors for allegedly withholding information about patient deaths during clinical trials for a myelofibrosis drug, which led to a stock drop when the U.S. Food and Drug Administration stopped the trials, the investors told a Washington federal court on Friday.

The proposed class, led by DAFNA LifeScience LP, said in a motion for preliminary approval of the settlement and class certification that CTI has agreed to pay following talks with JAMS mediator Jed D. Melnick. The plaintiffs then requested a settlement hearing for Dec. 15....

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