The Rosen Law Firm Announces Investigation of Securities Claims Against Medbox, Inc. – MDBX
December 30 2014 - 12:17PM
Business Wire
The Rosen Law Firm announces that it is investigating potential
securities fraud claims against Medbox, Inc. (“MDBX”) resulting
from evidence that the Company may have issued materially
misleading financial information to the investing public.
On December 30, 2014, Medbox announced that its financial
statements for: (i) the year ended December 31, 2013, (ii) the
third and fourth quarters of 2013, and (iii) the first and second
quarters of 2014 can no longer be relied upon, as they are
materially inaccurate. Specifically, Medbox admitted that an
internal investigation by its Audit Committee revealed that Medbox
improperly recognized revenue, in violation of Generally Accepted
Auditing Principles (“GAAP”). As a result of this adverse news, the
value of Medbox stock fell from $5.98 to $5.11, or 14.5%, when the
market opened on December 30, 2014.
The Rosen Law Firm is preparing a securities class action
lawsuit on behalf of Medbox investors. If you purchased Medbox
stock between November 20, 2013 and December 29, 2014, please visit
the website at http://www.rosenlegal.com/cases-468.html to join the
class action or for more information. You may also contact Phillip
Kim, Esq. or Laurence Rosen, Esq. of The Rosen Law Firm toll free
at 866-767-3653 or via e-mail at pkim@rosenlegal.com or
lrosen@rosenlegal.com.
The Rosen Law Firm represents investors throughout the globe,
concentrating its practice in securities class actions and
shareholder derivative litigation.
Attorney Advertising. Prior results do not guarantee a similar
outcome.
The Rosen Law Firm P.A.Laurence Rosen, Esq.Phillip Kim,
Esq.Kevin Chan, Esq.275 Madison Avenue 34th FloorNew York, New York
10016Tel: (212) 686-1060Toll Free: 1-866-767-3653Fax: (212)
202-3827lrosen@rosenlegal.compkim@rosenlegal.comkchan@rosenlegal.comwww.rosenlegal.com