It is alleged in this complaint that made materially misleading and/or false statements touting Leronlimab as a potential treatment for COVID-19 in order to inflate the CytoDyn stock price while executives were aggressively selling their shares. It is also alleged in this complaint that CytoDyn engaged in an illegal scheme whereby Iliad Research and Trading L.P. and other entities related to Iliad’s principal John Fife operated as an unregistered securities dealer for CytoDyn. CytoDyn’s share price fell $1.14 per share, or 28%, on this news, to close at $2.91 on March 8, 2021. Shares of CytoDyn dropped an additional 19% on March 9, 2021 to close at $2.35, thereby further injuring investors.
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