IMPORTANT ANNOUNCEMENT: Wolf Haldenstein Adler Freeman & Herz LLP Announces That a Federal Securities Class Action Has Been F...
May 01 2015 - 9:01PM
Wolf Haldenstein Adler Freeman & Herz LLP announces that a
federal securities class action has been filed in the United States
District Court for the Northern District of California against
Cellular Biomedicine Group, Inc. (“CBMG” or the “Company”)
(Nasdaq:CBMG). The class period is between May 5, 2014 and
April 7, 2015, inclusive (the “Class Period”). Wolf Haldenstein
encourages all shareholders who suffered losses on securities
purchased within the Class Period to contact us immediately at
classmember@whafh.com or (800) 575-0735.
Cellular Biomedicine Group, Inc. is a
biomedicine company that develops treatments
for cancerous and degenerative diseases
in Greater China. It focuses on developing
and marketing cell-based therapies to treat
serious chronic and degenerative diseases, such
as cancer, osteoarthritis, tissue damage, various
inflammatory diseases, and metabolic diseases.
The Complaint alleges that throughout
the Class Period, defendants made
materially false and misleading statements regarding
the Company’s business, operational and
compliance policies. Specifically,
defendants made false and/or misleading statements
and/or failed to disclose that: (i) the Company
achieved an unsustainable $500 million valuation by using
paid stock promoters, yet failed to disclose the
use of such promoters in its
regulatory filings pursuant to Section 17(b) of the
Securities Act of 1933; (ii) the Company’s “Car-T”
technology had experienced patient deaths and lacked any
meaningful valuation; and (iv) as a
result of the above, the
Company’s financial statements were materially false and
misleading at all relevant times.
On April 7, 2015, a report was published on the blog,
SeekingAlpha.com, alleging that the Company was engaged in a
massive fraudulent scheme to mislead investors and that the Company
lacked any meaningful financial value. On this news, CBMG
declined $7.00 per share, or over 21.7%, to close at $25.22 per
share on April 7, 2015.
If you purchased CMBG securities during the Class Period, you
may, no later than June 22, 2015, request that the Court appoint
you lead plaintiff of the proposed class. A lead plaintiff is
a representative party that acts on behalf of all class members in
directing the litigation. Any member of the purported 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.
Wolf Haldenstein has extensive experience in the prosecution of
securities class actions and derivative litigation in state and
federal trial and appellate courts across the country. The
firm has over 70 attorneys in various practice areas; and offices
in New York, Chicago and San Diego. The reputation and
expertise of this firm in shareholder and other class litigation
has been repeatedly recognized by the courts, which have appointed
it to major positions in complex securities multi-district and
consolidated litigation.
If you wish to discuss this action or have any questions
regarding your rights and interests in this case, please
immediately contact Wolf Haldenstein Adler Freeman & Herz LLP
by telephone at (800) 575-0735, via e-mail at
classmember@whafh.com, or visit our website at www.whafh.com.
All e-mail correspondence should make reference to the “CBMG
Investigation.”
Attorney Advertising. Prior results do not guarantee or predict
a similar outcome.
Wolf Haldenstein Adler Freeman & Herz LLP
Patrick Donovan, Esq.
Gregory Stone, Director of Case and Financial Analysis
Email: gstone@whafh.com, donovan@whafh.com or classmember@whafh.com
Tel: (800) 575-0735 or (212) 545-4774
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