Cellceutix Corp (OTCMKTS:CTIX) Crashes Once Again

[[tagnumber 0]][[tagnumber 1]]The stock of Cellceutix Corp (OTCMKTS:CTIX) reached prices above the $3.50 per share range earlier this year, but has since fallen in the charts, losing a lot of altitude. The reason for this was an article posted on a popular investor website that alleged the company’s management of making false claims.[[tagnumber 2]] [[tagnumber 0]] [[tagnumber 2]] [[tagnumber 0]]Since then we have seen some law firms launch class action lawsuits against [[tagnumber 6]]CTIX[[tagnumber 7]] based on said claims. Despite the fact that the company has several drugs in clinical trials and decent financials this seems to have been capable of bringing the price down, something we might only suspect that the persons behind the article were after.[[tagnumber 2]] [[tagnumber 0]] [[tagnumber 2]] [[tagnumber 11]] [[tagnumber 12]]cash: $8.41 million[[tagnumber 13]] [[tagnumber 12]]current assets: $8.76 million[[tagnumber 13]] [[tagnumber 12]]current liabilities: $7.29 million[[tagnumber 13]] [[tagnumber 12]]revenues: $0[[tagnumber 13]] [[tagnumber 12]]annual net loss: $13.14 million[[tagnumber 13]] [[tagnumber 22]] [[tagnumber 0]] [[tagnumber 2]] [[tagnumber 0]]These are pretty decent numbers and the market cap of around $160 million is pretty normal for an OTC marketplace listed company. [[tagnumber 6]]CTIX[[tagnumber 7]] did try to gain some value in the beginning of this month, but it has failed to keep it. The company stock recorded a loss of 12.35% in yesterday’s trading and finished the session with a price of $1.42 per share.[[tagnumber 2]] [[tagnumber 0]] [[tagnumber 2]] [[tagnumber 0]][[tagnumber 6]]CTIX[[tagnumber 7]] is trying to battle all the controversy that has surrounded the company lately and the management team has hired the Ashcroft Law Firm in order to help them in that effort. They are claiming that the filed lawsuits are based solely on information contained in the previously mentioned article and are backed up by no due diligence.[[tagnumber 2]] [[tagnumber 0]] [[tagnumber 2]] [[tagnumber 0]]Still, this isn’t stopping the ticker from losing altitude. We might not see it fall below the $1 per share mark, but doing your due diligence and weighing out all the risks before putting any money on the line is a must.[[tagnumber 2]]