CytoDyn Inc. (OTCMKTS:CTDY) jumped 3% after issuing a statement to shareholders commenting in the Court Order entered by US District Court Judge in the suit by the company against a Bruce Patterson and Paul Rosenbaum-led activists group.
The Order issued regarding the Activist Group’s email solicitations yet to be filed with SEC in violation of SEC rules stated that Email Solicitations comprise solicitations for SEC Act of 1934 purposes and SEC Rules publicized therein. The Order also indicated that defendants need to comply with SEC rules and federal securities laws. In addition, the company’s Board indicated that the activist group had shown willingness to mislead shareholders, eschew transparency, and violate laws.
The company recently appointed Dr. Seenu Srinivasan as its Executive Director-CMC Regulatory Affairs.Srinivasan has over 30 years of drug development experience, including vast CMC development expertise in creating APIs and drug products from early to commercialization.He recently held the CMC Regulatory Affairs Director position at Regeneron Pharmaceuticals Inc. So, CTDY is worth watching in the coming weeks.
Market Reaction:
On Friday, CYDY stock increased 3.13% at $1.32 with more than 1.67 million shares, compared to its average volume of 2.04 million shares. The stock has moved within a range of $1.2700 – 1.3300 after opening the trade at $1.28.
