News Article

Cell Therapeutics Inc. adds to oversight after settling lawsuit by its shareholders
Date: Jan 18, 2013
Author: Valerie Bauman
Source: bizjournals ( click here to go to the source)

Featured firm in this article: CTI BioPharma Corp of Seattle, WA

Cell Therapeutics Inc. will pay $19 million and adopt new corporate governance measures under a settlement that ends nearly three years of litigation with shareholders.

The shareholder lawsuit had accused the Seattle-based biotech of not accurately disclosing information about Pixantrone, the company's drug for non-Hodgkin lymphoma.

Cell Therapeutics (CTI) admitted no wrongdoing in the settlement and denied all allegations in the suit. Spokeswoman Monique Greer declined to comment other than to say the settlement speaks for itself.

The suit, filed in federal court in Seattle in 2010, alleged that the company didn't disclose key details about the process to get ...