NEW YORK, May 13, 2016 (GLOBE NEWSWIRE) -- Gainey McKenna & Egleston announces that a class action lawsuit has been filed against Code Rebel Corporation (“Code Rebel” or the “Company”) (Nasdaq:CDRB) in the United States District Court for the Southern District of New York on behalf of purchasers of Code Rebel common stock between August 17, 2015 and May 5, 2016, inclusive (the “Class Period”), seeking to pursue remedies under the Securities Exchange Act of 1934 (the “Exchange Act”).
According to the Complaint, Defendants concealed from the investing public that: (1) Code Rebel’s financial statements contained errors concerning its assets and financial condition; and (2) as a result of the foregoing, Code Rebel’s public statements were materially false and misleading and/or lacked a reasonable basis at all relevant times. As a result of Defendants’ alleged false and misleading statements, the Company’s stock traded at artificially inflated prices during the Class Period.
According to the Complaint, on May 6, 2016, the SEC issued an order suspending the trading of the Company’s stock citing a lack of accurate information concerning the securities of Code Rebel because of questions regarding the accuracy of statements in its Forms 10-Q for the quarters ended June 30, 2015 and September 30, 2015, and the Form 10-K for the year ending December 31, 2015, concerning the Company’s assets and financial condition.
If you wish to serve as lead plaintiff, you must move the Court no later than July 11, 2016. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation. If you wish to join the litigation, or to discuss your rights or interests regarding this class action, please contact Thomas J. McKenna, Esq. or Gregory M. Egleston, Esq. of Gainey McKenna & Egleston at (212) 983-1300, or via e-mail at tjmckenna@gme-law.com or gegleston@gme-law.com.
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