ALERT: Morgan & Morgan Announces That a Class Action Lawsuit Has Been Filed Against Cellular Biomedicine Group Inc. and of th...
May 07 2015 - 4:02PM
Morgan & Morgan announces that a class action lawsuit has been
filed in the United States District Court for the Northern District
of California on behalf of all persons or entities that purchased
the securities of Cellular Biomedicine Group Inc. ("Cellular" or
the "Company") (Nasdaq:CBMG) between June 18, 2014 and April 7,
2015, inclusive (the "Class Period"), alleging violations of the
Securities Exchange Act of 1934 against the Company and certain of
its officers (the "Complaint").
If you purchased Cellular 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.
If you want more information about the Cellular Biomedicine
Group Securities Class Action, contact Morgan & Morgan at
1(800) 732-5200 or email info@morgansecuritieslaw.com
The Complaint alleges that throughout the Class Period,
defendants made materially false and misleading statements
regarding the Company's operations, business prospects, and
compliance with policies. Specifically, the Complaint
alleges that the defendants made false and/or misleading statements
and/or failed to disclose that: (1) the Company achieved its
valuation of $500 million by using paid stock promoters, yet did
not disclose the use of such promoters in its regulatory filings;
(2) the Company's "Car-T" technology had experienced patient deaths
and lacked any meaningful value; and (3) as a result of the above,
the Company's financial statements were materially false and
misleading during the Class Period.
On April 7, 2015, a report was published
on Seekingalpha.com, alleging that the Company was engaged in
an enormous fraudulent scheme to mislead investors and that the
Company did not have any material financial
value. Following this news, CBMG securities declined
$7.00 per share, or over 21.7%, to close at $25.22 per share on
April 7, 2015.
About Morgan & Morgan Morgan & Morgan
is one of the nation's largest 200 law firms. In addition to
shareholder rights, the firm also practices in the areas of
antitrust, personal injury, consumer protection, overtime, and
product liability. All of the Firm's legal endeavors are
rooted in its core mission: provide investor and consumer
protection and always fight "for the people."
Attorney advertising. Prior results do not guarantee a
similar outcome.
CONTACT: Morgan & Morgan
Peter Safirstein, Esq.
28 West 44th Street
Suite 2001
New York, NY 10036
1-800-732-5200
info@morgansecuritieslaw.com
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