SHAREHOLDER ALERT: Pomerantz Law Firm Investigates Claims On Behalf of Investors of Cellular Biomedicine Group Inc. - CBMG
NEW YORK, April 7, 2015 /PRNewswire/ -- Pomerantz LLP is investigating claims on behalf of investors of Cellular Biomedicine Group Inc. ("CBMG" or the "Company") (NASDAQ: CBMG). Such investors are advised to contact Robert S. Willoughby at [email protected] or 888-476-6529, ext. 237.
The investigation concerns whether CBMG and certain of its officers and/or directors have violated Sections 10(b) and 20(a) of the Securities Exchange Act of 1934.
On April 7, 2015, an article published on the Seeking Alpha website opined that CBMG has achieved an unsustainable $500M valuation as a result of paid stock promotion while insiders were registering to sell shares.
Additionally, the report alleged that CBMG's "Car-T" technology, which was acquired for $1.8m, has experienced patient deaths and is worthless. Moreover, the report stated that the Company's founders face dishonesty allegations, are responsible for an alleged illegal offshore stem cell clinic, and has partnered with John Mattera who is currently serving 11 years in prison for fraud.
On this news, shares of CBMG fell $6.03 per share to $26.19, or more than 18.72%, in intra-day trading on April 7, 2015.
The Pomerantz Firm, with offices in New York, Chicago, San Diego and Florida, is acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class litigation. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, the Pomerantz Firm pioneered the field of securities class actions. Today, more than 70 years later, the Pomerantz Firm continues in the tradition he established, fighting for the rights of the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered numerous multimillion-dollar damages awards on behalf of class members. See www.pomerantzlaw.com.
CONTACT:
Robert S. Willoughby
Pomerantz LLP
[email protected]
SOURCE Pomerantz LLP
Share this article