SAN FRANCISCO, May 7, 2015 (GLOBE NEWSWIRE) -- Hagens Berman Sobol Shapiro LLP, a national investor-rights law firm, advises investors of the June 22, 2015 lead plaintiff deadline in a class action lawsuit filed against Cellular Biomedicine Group, Inc. (Nasdaq:CBMG) (“Cellular Biomedicine” or “the Company”). The suit is pending in U.S. District Court for the Northern District of California, and investors who purchased Cellular Biomedicine securities between June 18, 2014 and April 7, 2015, (the “Class Period”) have until June 22, 2015 to move for lead plaintiff. You do not need to move for lead plaintiff to be a member of the Class.
If you purchased Cellular Biomedicine securities during the Class Period you may contact Hagens Berman Partner Reed Kathrein, who is leading the firm’s investigation, by calling (510) 725-3000, emailing CBMG@hbsslaw.com or visiting http://hb-securities.com/investigations/CBMG. No class has been certified in this case.
The complaint alleges that Cellular Biomedicine made false and/or misleading statements and/or failed to disclose that it achieved a $500 million valuation by using paid stock promoters, which it failed to disclose in its regulatory filings pursuant to Section 17(b) of the Securities Act of 1933. Moreover, Cellular Biomedicine failed to disclose that the Company’s "Car-T" technology had experienced patient deaths and lacked any meaningful valuation.
The truth emerged in an April 7, 2015, report published on Seekingalpha.com, alleging that the Company was engaged in a fraudulent scheme to mislead investors and that the Company lacked any meaningful financial value. The report disclosed that Cellular Biomedicine was previously a company that focused on Nintendo screens for RVs and Boats, which then morphed into a consulting firm claiming to help Chinese companies access American investors. It became a biosciences company upon merger with an offshore stem-cell clinic. On this shocking news, the Company’s securities declined $7.00 per share, or over 21.7%, to close at $25.22 per share on April 7, 2015.
“It appears that Cellular Biomedicine was hiding the truth behind paid stock promotion,” said Hagens Berman partner Reed Kathrein. “When the truth emerged, investors learned that the company was misleading them all along.”
If you were negatively impacted by your investment in Cellular Biomedicine securities between June 18, 2014 and April 7, 2015, and would like to learn more about this lawsuit and your ability to participate as a lead plaintiff, please contact us for your no-cost evaluation.
Whistleblowers: Persons with non-public information regarding Cellular Biomedicine should consider their options to help in the investigation or take advantage of the SEC Whistleblower program. For more information, call Reed Kathrein at (510) 725-3000 or email CBMG@hbsslaw.com.
Hagens Berman Sobol Shapiro LLP is an investor-rights class-action law firm headquartered in Seattle, Washington with offices in nine cities. The firm represents investors, whistleblowers, workers and consumers in complex litigation. More about the firm and its successes can be found at www.hbsslaw.com. Read the firm’s Securities Newsletter at http://www.hb-securities.com/newsletter. The firm’s blog is located at www.meaningfuldisclosure.com.
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