Lieff Cabraser Announces Class Action Litigation Against GrowLife, Inc. - PHOT
May 01 2014 - 09:00AM
Business Wire
The law firm of Lieff Cabraser Heimann & Bernstein, LLP
announces that class action litigation has been brought on behalf
of those who purchased the securities of GrowLife, Inc. (“GrowLife”
or the “Company”) (OTCBB: PHOT) between November 14, 2013 and April
9, 2014, inclusive (the “Class Period”).
If you purchased GrowLife securities during the Class Period,
you may move the Court for appointment as lead plaintiff by no
later than June 17, 2014. A lead plaintiff is a representative
party who acts on behalf of other class members in directing the
litigation. Your share of any recovery in the action will not be
affected by your decision of whether to seek appointment as lead
plaintiff. You may retain Lieff Cabraser, or other attorneys, as
your counsel in the action.
GrowLife investors who wish to learn more about the action and
how to seek appointment as lead plaintiff should click here or
contact Sharon M. Lee of Lieff Cabraser toll-free at
1-800-541-7358.
Background on the GrowLife Securities
Class Litigation
The actions charge GrowLife and certain of its senior executives
with violations of the Securities Exchange Act of 1934. GrowLife,
headquartered in Woodland Hills, California, develops, markets and
deploys products and services tailored to legal cannabis growing
and retail operations, including hydroponic growing equipment and
retail support software.
The actions allege that, throughout the Class Period, defendants
issued materially false and misleading statements and/or failed to
disclose that: (1) GrowLife had provided inaccurate and/or
inadequate information about its stock and engaged in potentially
manipulative transactions; (2) the Company lacked adequate internal
and financial controls; and (3) as a result of the foregoing,
defendants’ statements about GrowLife’s business, operations, and
prospects were materially false and misleading at all relevant
times.
On April 10, 2014, the U.S. Securities and Exchange Commission
(the “SEC”) temporarily halted trading of GrowLife securities,
stating that “[t]he Commission temporarily suspended trading in the
securities of PHOT because of questions that have been raised about
the accuracy and adequacy of information in the marketplace and
potentially manipulative transactions in PHOT’s common stock.”
When trading of the Company’s stock resumed on April 25, 2014,
the price of GrowLife shares dropped $0.29 per share, or 58% from a
previous closing price of $0.50 on April 9, 2014, to close at $0.21
per share on April 25, 2014, on extremely high trading volume.
About Lieff Cabraser
Lieff Cabraser Heimann & Bernstein, LLP, with offices in San
Francisco, New York, and Nashville, is a nationally recognized law
firm committed to advancing the rights of investors and promoting
corporate responsibility.
The National Law Journal has recognized Lieff Cabraser as one of
the nation's top plaintiffs' law firms for eleven years. In
compiling the list, the National Law Journal examines recent
verdicts and settlements and looked for firms "representing the
best qualities of the plaintiffs' bar and that demonstrated unusual
dedication and creativity." Best Lawyers and U.S. News have also
named Lieff Cabraser as a "Law Firm of the Year" each year the
publications have given this award to law firms.
For more information about Lieff Cabraser and the firm’s
representation of investors, please visit
http://www.lieffcabraser.com.
This press release may be considered Attorney Advertising in
some jurisdictions under the applicable law and ethical rules.
Lieff Cabraser Heimann & Bernstein, LLPSharon M. Lee,
1-800-541-7358
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