Case Background:
This is a federal securities fraud class action lawsuit on behalf of those who purchased or otherwise acquired CytoDyn, Inc. (“CytoDyn”) common stock between May 27, 2020 and March 30, 2022, inclusive (the “Class Period”).
The Class Period commences on March 27, 2020, when CytoDyn issued a press release regarding Leronlimab’s use in treating COVID-19 patients entitled “Leronlimab Used in Seven Patients with Severe COVID-19 Demonstrated Promise with Two Intubated Patients in ICU, Removed from ICU and Extubated with Reduced Pulmonary Inflammation.” Throughout the Class Period, CytoDyn continued to tout Leronlimab as a potential treatment for COVID-19 and to pump up the stock price of CytoDyn while executives aggressively sold shares. Indeed, while CytoDyn’s stock price was sufficiently pumped with the COVID-19 cure hype, long-term shareholders, including defendants Nader Z. Pourhassan, CytoDyn’s Chief Executive Officer, and Michael Mulholland, CytoDyn’s Chief Financial Officer, dumped millions of shares.
The complaint alleges that, throughout the Class Period, Defendants made false and/or misleading statements and/or failed to disclose that CytoDyn’s development and marketing of Leronlimab as a treatment for COVID-19 was not commercially viable as possible.
Current Status of Case:
On June 25, 2025, the Court denied Defendants’ Motion to Dismiss the Second Amended Complaint. This action is in this discovery phase and is ongoing.
For more information on the case and the Court’s Order, please visit our website at https://www.ktmc.com/featured-case/cytodyn-inc.
If you wish to discuss this action or have any questions, please contact Kessler Topaz Meltzer & Check, LLP: Jon Naji, Esq. (484) 270-1453; toll-free at (844) 887-9500; or via e-mail at info@ktmc.com. If you would like additional information about the suit, please click on the link "Submit Your Information" above and fill out the form as promptly as possible.