Cellceutix Corporation

Shareholder Securities Fraud Litigation

Rigrodsky & Long, P.A. Announces A Securities Fraud Class Action Lawsuit Has Been Filed Against Cellceutix Corporation (OTC PINK: CTIX)

Rigrodsky & Long, P.A. announces that a complaint has been filed in the United States District Court for the Southern District of New York on behalf of all persons or entities that purchased the common stock of Cellceutix Corporation (“Cellceutix” or the “Company”) (OTC PINK: CTIX) between May 10, 2013 and August 6, 2015, inclusive (the “Class Period”), alleging violations of the Securities Exchange Act of 1934 against the Company and certain of its officers (the “Complaint”).

If you purchased shares of Cellceutix during the Class Period, or purchased shares prior to the Class Period and still hold Cellceutix, and wish to discuss this action or have any questions concerning this notice or your rights or interests, please contact Timothy J. MacFall, Esquire or Peter Allocco of Rigrodsky & Long, P.A., 2 Righter Parkway, Suite 120, Wilmington, DE 19803 at (888) 969-4242; by e-mail to info@rl-legal.com.

The Complaint alleges that throughout the Class Period, defendants made materially false and misleading statements, and omitted materially adverse facts, about the Company’s business, operations and prospects.  As a result of defendants’ alleged false and misleading statements, the Company’s stock traded at artificially inflated prices during the Class Period.

According to the Complaint, on August 6, 2015, SeekingAlpha.com published a report on the Company which concluded, among other things: (1) that Cellceutix is run out of what appears to be an empty office building, and no one answers the phone - it appears that this is nothing more than a shell corporation; (2) that Cellceutix science is demonstrably unviable, rendering this public shell likely worth substantially less than its current value; (3) that the Company is run by a management team with a long history of self-enrichment and shareholder value destruction - one of these insiders has repeatedly issued false statements about his background; (4) that Cellceutix is a black hole of related party transactions, enriching consulting agreements, and financing arrangements with known Ponzi scheme fraudsters as financing partners; and (5) that he Company's fair value is 96-99% lower than the current price and that the stock should be avoided.

On this news, shares in Cellceutix plummeted almost 30%, closing at $1.71 per share on August 6, 2015, on heavy trading volume.

If you wish to serve as lead plaintiff, you must move the Court no later than November 10, 2015.  A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation.  Any member of the proposed class may move the court to serve as lead plaintiff through counsel of their choice, or may choose to do nothing and remain an absent class member.

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