Drugmaker, Investors Reach $20M Settlement In Stock Drop Suit

Mealey's (September 7, 2017, 8:34 AM EDT) -- SEATTLE — Pharmaceutical company CTI BioPharma Corp. will pay $20 million to settle claims that it, its CEO and members of its board of directors and underwriters of two of the company’s public offering of stock in 2015 concealed certain adverse information, including patient deaths, in the clinical trial results for CTI’s myelofibrosis treatment drug pacritinib in violation of federal securities laws, according to a motion for preliminary approval of a securities class action settlement filed by the lead plaintiff in the action on Sept. 1 in Washington federal court (In re CTI BioPharma Corp. Securities Litigation, No. 16-0216, W.D. Wash.)....