SHAREHOLDER ALERT: Pomerantz Law Firm Reminds Shareholders With Losses on Their Investment in Cellular Biomedicine Group Inc...
May 08 2015 - 3:23PM
Pomerantz LLP announces that a class action lawsuit has been filed
against Cellular Biomedicine Group Inc. (“CBMG” or the “Company”)
(Nasdaq:CBMG) and certain of its officers. The class
action, filed in United States District Court, Northern District of
California, and docketed under 15-cv-01795, is on behalf of a class
consisting of all persons or entities who purchased CBMG securities
between June 18, 2014 and April 7, 2015 inclusive (the “Class
Period”). This class action seeks to recover damages against
Defendants for alleged violations of the federal securities laws
under the Securities Exchange Act of 1934 (the “Exchange Act”) and
Section 17(b) of the Securities Act of 1933.
If you are a shareholder who purchased CBMG
securities during the Class Period, you have until June 22, 2015 to
ask the Court to appoint you as Lead Plaintiff for the class.
A copy of the Complaint can be obtained at www.pomerantzlaw.com.
To discuss this action, contact Robert S. Willoughby at
rswilloughby@pomlaw.com or 888.476.6529 (or 888.4-POMLAW), toll
free, x237. Those who inquire by e-mail are encouraged to include
their mailing address, telephone number, and number of shares
purchased.
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 $500m 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
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 securities declined $7.00 per
share, or over 21.7%, to close at $25.22 per share on April 7,
2015.
The Pomerantz Firm, with offices in New York,
Chicago, Florida, and San Diego, is acknowledged as one of the
premier firms in the areas of corporate, securities, and antitrust
class litigation. Founded by the late Abraham L. Pomerantz, known
as the dean of the class action bar, the Pomerantz Firm pioneered
the field of securities class actions. Today, more than 70 years
later, the Pomerantz Firm continues in the tradition he
established, fighting for the rights of the victims of securities
fraud, breaches of fiduciary duty, and corporate misconduct. The
Firm has recovered numerous multimillion-dollar damages awards on
behalf of class members. See www.pomerantzlaw.com.
Robert S. Willoughby
Pomerantz LLP
rswilloughby@pomlaw.com
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