SAN DIEGO, June 01, 2015 (GLOBE NEWSWIRE) -- The Shareholders Foundation, Inc. announces that a lawsuit was filed on behalf of certain purchasers of shares of Cellular Biomedicine Group Inc (Nasdaq:CBMG) over alleged Violations of Federal Securities Laws by Cellular Biomedicine Group Inc in connection with certain allegedly false and misleading statements.
Investors who purchased Cellular Biomedicine Group Inc (Nasdaq:CBMG) shares have certain options and should contact the Shareholders Foundation at mail@shareholdersfoundation.com or call +1(858) 779 - 1554.
The plaintiff claims that between June 18, 2014 and April 7, 2015, defendants made allegedly false and/or misleading statements and/or allegedly failed to disclose that Cellular Biomedicine Group 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, that Cellular Biomedicine Group’s "CAR-T" technology had experienced patient deaths and lacked any meaningful valuation, and that as a result of the above, Cellular Biomedicine Group’s financial statements were materially false and misleading at all relevant times.
On April 7, 2015, a report was published on Cellular Biomedicine Group, which alleged that it has achieved an unsustainable valuation with paid stock promotion, that its “CAR-T” technology has experienced patient deaths and is worthless, that its founders face multiple allegations of dishonesty and are responsible for an alleged illegal offshore stem cell clinic, and that it has multiple accounting and financial integrity issues. Shares of Cellular Biomedicine Group Inc (Nasdaq:CBMG) declined to as low as $21.41 per share on April 8, 2015.
Those who purchased Cellular Biomedicine Group Inc (Nasdaq:CBMG) shares have certain options and should contact the Shareholders Foundation, Inc. by e-mail at mail@shareholdersfoundation.com or call +1 (858) 779-1554.
The Shareholders Foundation, Inc. is a professional portfolio legal monitoring and a settlement claim filing service, which does research related to shareholder issues and informs investors of securities class actions, settlements, judgments, and other legal related news to the stock/financial market. The Shareholders Foundation, Inc. is not a law firm. The information is provided as a public service. It is not intended as legal advice and should not be relied upon.