NEW YORK, May 7, 2015 (GLOBE NEWSWIRE) -- Morgan & Morgan announces that a class action lawsuit has been filed in the United States District Court for the Northern District of California on behalf of all persons or entities that purchased the securities of Cellular Biomedicine Group Inc. ("Cellular" or the "Company") (Nasdaq:CBMG) between June 18, 2014 and April 7, 2015, inclusive (the "Class Period"), alleging violations of the Securities Exchange Act of 1934 against the Company and certain of its officers (the "Complaint").
If you purchased Cellular securities during the Class Period, you may, no later than June 22, 2015, request that the Court appoint you lead plaintiff of the proposed class. A lead plaintiff is a representative party that acts on behalf of all class members in directing the litigation. Any member of the purported class may move the Court to serve as lead plaintiff through counsel of their choice, or may choose to do nothing and remain an absent class member.
If you want more information about the Cellular Biomedicine Group Securities Class Action, contact Morgan & Morgan at 1(800) 732-5200 or email info@morgansecuritieslaw.com
The Complaint alleges that throughout the Class Period, defendants made materially false and misleading statements regarding the Company's operations, business prospects, and compliance with policies. Specifically, the Complaint alleges that the defendants made false and/or misleading statements and/or failed to disclose that: (1) the Company achieved its valuation of $500 million by using paid stock promoters, yet did not disclose the use of such promoters in its regulatory filings; (2) the Company's "Car-T" technology had experienced patient deaths and lacked any meaningful value; and (3) as a result of the above, the Company's financial statements were materially false and misleading during the Class Period.
On April 7, 2015, a report was published on Seekingalpha.com, alleging that the Company was engaged in an enormous fraudulent scheme to mislead investors and that the Company did not have any material financial value. Following this news, CBMG securities declined $7.00 per share, or over 21.7%, to close at $25.22 per share on April 7, 2015.
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