Faruqi & Faruqi, Co-Lead Counsel, Obtains Final Court Approval Of Shareholder Derivative Action Settlement On Behalf Of CTI Biopharma, Corp. And Its Shareholders

On January 31, 2018, the Honorable Douglas North of the King County Superior Court in the state of Washington granted final approval of the proposed settlement of the two state court consolidated derivative cases: Hammond v. Bianco, et al., No. 16-2-05818-3, and Eley v. Bianco, et al., No. 16-2-14422-5 (the “State Court Derivative Action”).  The federal court consolidated derivative cases styled as In re CTI Biopharma Shareholder Derivative Action, No. 2:16-cv-01250 RSL (W.D. Wash.) (the “Federal Derivative Action”), will be dismissed by stipulation and order when the judgment in the State Court Derivative Action becomes final. F&F, as co-lead counsel in the Federal Court Derivative Action represents stockholders of CTI BioPharma, Corp.  The settlement provides for extensive corporate governance reforms directly connected to issues raised in the Complaint including the creation of a Risk Compliance Officer position and the engagement of an independent expert or entity to conduct yearly audits of the company’s compliance with Good Clinical Practices.  Partner Stuart Guber headed the successful litigation.