Case Page

 

Case Status:    DISMISSED    
On or around 01/27/2017 (Other)

Filing Date: April 21, 2015

According to the law firm press release, Cellular Biomedicine Group Inc., is a biomedicine company that develops treatments for cancerous and degenerative diseases in Greater China. It focuses on developing and marketing cell-based therapies to treat serious chronic and degenerative diseases, such as cancer, osteoarthritis, tissue damage, various inflammatory diseases, and metabolic diseases.

The Complaint alleges that throughout the Class Period, defendants made materially false and misleading statements regarding the Company’s business, operational and compliance policies. Specifically, defendants made false and/or misleading statements and/or failed to disclose that: (i) the Company 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 ; (ii) the Company’s "Car-T" technology had experienced patient deaths and lacked any meaningful valuation; and (iv) as a result of the above, the Company’s financial statements were materially false and misleading at all relevant times.

On April 7, 2015, a report was published on Seekingalpha.com, alleging that the Company was engaged in a massive fraudulent scheme to mislead investors and that the Company lacked any meaningful financial value.

On this news, CBMG securities declined $7.00 per share, or over 21.7%, to close at $25.22 per share on April 7, 2015.

On August 3, 2015, the Court issued an Order appointing lead plaintiff and approving lead counsel. Lead Plaintiff filed an amended complaint on September 17.

On September 2, 2016, the Court issued an Order granting Defendants' motion to dismiss with prejudice. Plaintiffs filed a Notice of Appeal of this Order on September 16. This Appeal was voluntarily dismissed on January 27, 2017.

COMPANY INFORMATION:

Sector: Healthcare
Industry: Biotechnology & Drugs
Headquarters: United States

SECURITIES INFORMATION:

Ticker Symbol: CBMG
Company Market: NASDAQ
Market Status: Public (Listed)

About the Company & Securities Data


"Company" information provides the industry and sector classification and headquarters state for the primary company-defendant in the litigation. In general, "Securities" information provides the ticker symbol, market, and market status for the underlying securities at issue in the litigation.

In most cases, the primary company-defendant actually issued the securities that are the subject of the litigation, and the securities information and company information relate to the same entity. In a small subset of cases, however, the primary company-defendant is not the issuer (for example, cases against third party brokers/dealers), and the securities information and company information do not relate to the same entity.
COURT: N.D. California
DOCKET #: 15-CV-01795
JUDGE: Hon. William H. Orrick
DATE FILED: 04/21/2015
CLASS PERIOD START: 06/18/2014
CLASS PERIOD END: 04/07/2015
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. Pomerantz LLP (New York)
    600 Third Avenue, Pomerantz LLP (New York), NY 10016
    212.661.1100 212.661.8665 · info@pomerantzlaw.com/
No Document Title Filing Date
COURT: N.D. California
DOCKET #: 15-CV-01795
JUDGE: Hon. William H. Orrick
DATE FILED: 06/09/2016
CLASS PERIOD START: 12/10/2014
CLASS PERIOD END: 04/07/2015
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. The Rosen Law Firm, P.A. (New Los Angeles)
    355 South Grand Ave, Suite 2450, The Rosen Law Firm, P.A. (New Los Angeles), CA 90071
    (213) 785-2610 (213) 226-4684 ·
No Document Title Filing Date