CBMG INVESTORS: Glancy Prongay & Murray Announces The Filing Of A Securities Class Action On Behalf Of Cellular Biomedicine G...
June 12 2015 - 10:49AM
Business Wire
Glancy Prongay & Murray announces that a class action has
been filed on behalf of investors of Cellular Biomedicine Group
Inc. (NASDAQ:CBMG) who purchased shares between June 18, 2014 and
April 7, 2015 (the “Class Period”). Purchasers of Cellular
Biomedicine Group Inc. (“Cellular Biomedicine”) securities have
until June 22, 2015 to file a lead plaintiff motion in this class
action. Investors are encouraged to contact Glancy Prongay &
Murray to discuss your legal rights in the pending class
action.
The complaint alleges that the Company misled investors by using
paid stock promoters to achieve its $500 million valuation, but
failed to disclose the use of promoters in its regulatory filings;
and, that the Company’s “Car-T” technology had experienced patient
deaths and lacked any meaningful value. On April 7, 2015, Seeking
Alpha published a report on Cellular Biomedicine, which asserts
that: (i) it has achieved an unsustainable valuation with paid
stock promotion; (ii) its “CAR-T” technology has experienced
patient deaths and is worthless; (iii) its founders face multiple
allegations of dishonesty and are responsible for an alleged
illegal offshore stem cell clinic; and (iv) it has multiple
accounting and financial integrity issues. On this news, shares of
Cellular Biomedicine declined significantly, falling $7.00 per
share, or 22%, to close on April 7, 2015 at $25.22. Investors have
been damaged significantly by the Company’s alleged fraud, and the
subsequent decline in the Company’s stock price, and Glancy Prongay
& Murray is prosecuting claims to recover damages on behalf of
investors.
If you purchased shares of Cellular Biomedicine during the Class
Period, please contact Lesley Portnoy, of Glancy Prongay &
Murray, 1925 Century Park East, Suite 2100, Los Angeles, California
90067 at 310-201-9150, Toll-Free at 888-773-9224, by email to
shareholders@glancylaw.com, or visit our website at
http://www.glancylaw.com. If you inquire by email please include
your mailing address, telephone number and number of shares
purchased.
This press release may be considered Attorney Advertising in
some jurisdictions under the applicable law and ethical rules.
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version on businesswire.com: http://www.businesswire.com/news/home/20150612005540/en/
Glancy Prongay & Murray, Los AngelesLesley Portnoy,
310-201-9150 or
888-773-9224shareholders@glancylaw.comwww.glancylaw.com
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