Federal Court Dismisses Securities Class Action Lawsuit Against 22nd Century Group
January 19 2021 - 7:30AM
22nd Century Group, Inc. (NYSE American: XXII), a leading
plant-based, biotechnology company that is focused on tobacco harm
reduction, very low nicotine content tobacco, and hemp/cannabis
research, announced today the dismissal with prejudice of the
federal securities class action lawsuit captioned Noto. V. 22nd
Century Group, Inc., 19-CV-1285 by a federal district court in the
Western District of New York on January 14, 2021. The case was
initially filed in the Eastern District of New York, where it was
captioned Bull v. 22nd Century Group, Inc. 1:19-CV-00409. In
denying the Plaintiffs’ request for an opportunity to file another
amended Complaint, the Court held that “further amendment would be
futile.”
“We are pleased with the Court’s decision to dismiss this
baseless lawsuit,” said James A. Mish, chief executive officer of
22nd Century Group. “We have consistently maintained that these
claims were without merit. We remain committed to building
shareholder value through the advancement of our strategies in
tobacco, hemp/cannabis, and plant science.”
About 22nd Century Group, Inc.22nd Century
Group, Inc. (NYSE American: XXII) is a leading plant biotechnology
company focused on technologies that alter the level of nicotine in
tobacco plants and the level of cannabinoids in hemp/cannabis
plants through genetic engineering, gene-editing, and modern plant
breeding. 22nd Century’s primary mission in tobacco is to reduce
the harm caused by smoking through the Company’s proprietary
reduced nicotine content tobacco cigarettes – containing 95% less
nicotine than conventional cigarettes. The Company’s primary
mission in hemp/cannabis is to develop and commercialize
proprietary hemp/cannabis plants with valuable cannabinoid profiles
and desirable agronomic traits.
Learn more at xxiicentury.com, on
Twitter @_xxiicentury and on LinkedIn.
Cautionary Note Regarding
Forward-Looking StatementsExcept for historical
information, all of the statements, expectations, and assumptions
contained in this press release are forward-looking statements.
Forward-looking statements typically contain terms such as
“anticipate,” “believe,” “consider,” “continue,” “could,”
“estimate,” “expect,” “explore,” “foresee,” “goal,” “guidance,”
“intend,” “likely,” “may,” “plan,” “potential,” “predict,”
“preliminary,” “probable,” “project,” “promising,” “seek,”
“should,” “will,” “would,” and similar expressions. Actual results
might differ materially from those explicit or implicit in
forward-looking statements. Important factors that could cause
actual results to differ materially are set forth in “Risk Factors”
in the Company’s Annual Report on Form 10-K filed on March 11, 2020
and in its subsequently filed Quarterly Report on Form 10-Q. All
information provided in this release is as of the date hereof, and
the Company assumes no obligation to and does not intend to update
these forward-looking statements, except as required by law.
Investor Relations & Media
Contact:Mei KuoDirector, Communications & Investor
Relations22nd Century Group, Inc.(716)
300-1221mkuo@xxiicentury.com
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