22ND CENTURY GROUP, INC. INVESTOR ALERT: Wolf Haldenstein Adler Freeman & Herz LLP announces that a securities class action lawsuit has been filed in the United States District Court for the Eastern District of New York against 22nd Century Group, Inc.
NEW YORK, Feb. 01, 2019 (GLOBE NEWSWIRE) -- Wolf Haldenstein Adler Freeman & Herz LLP announces that a class action lawsuit has been filed in the United States District Court for Eastern District of New York on behalf of all persons or entities who purchased or otherwise acquired 22nd Century Group, Inc. (NYSE: XXII) securities between February 18, 2016 and October 25, 2018 (the “Class Period”), inclusive.
Shareholders who purchased shares of 22nd Century Group, Inc. are urged to contact the firm immediately at email@example.com or (800) 575-0735 or (212) 545-4774. You may obtain additional information concerning the action on our website, www.whafh.com.
If you have incurred losses in the shares of 22nd Century Group, Inc., you may, no later than March 22, 2019, request that the Court appoint you lead plaintiff of the proposed class. Please contact Wolf Haldenstein to learn more about your rights as an investor in 22nd Century Group, Inc.
The filed complaint alleges that throughout the class period, defendants made false and/or misleading statements and/or failed to disclose that:
-- 22nd Century’s stock was prone to manipulation through paid stock promotions; -- such conduct would subject 22nd Century to heightened regulatory scrutiny by the Securities and Exchange Commission; and -- consequently, 22nd Century’s public statements were materially false and misleading and/or lacked a reasonable basis at all relevant times.
On February 2, 2018, Fuzzy Panda Research published an article on Seeking Alpha, asserting that 22nd Century’s stock price had been inflated through various paid stock promotion articles between 2014 and 2017, some of which did not disclose the paying party and amount.
On this news, 22nd Century’s stock price fell $0.35 per share, or over 11%, to close at $2.73 per share on February 2, 2018.
Then, on October 25, 2018, Fuzzy Panda Research reported in another Seeking Alpha article that its requests to U.S. Securities and Exchange Commission (“SEC”) pursuant to the Freedom of Information Act for “all documents in the possession of SEC that pertain to investigations regarding 22nd Century Group for the time period January 1, 2016 through July 16, 2018″ had been denied. According to the article, the SEC denied Fuzzy Panda Research’s request to release the documents because doing so could “reasonably be expected to interfere with on-going enforcement proceedings.”
Following this news, 22nd Century’s stock price fell $0.11 per share, or over 4%, to close at $2.45 per share on October 25, 2018.
Wolf Haldenstein Adler Freeman & Herz LLP has extensive experience in the prosecution of securities class actions and derivative litigation in state and federal trial and appellate courts across the country. The firm has attorneys in various practice areas; and offices in New York, Chicago and San Diego. The reputation and expertise of this firm in shareholder and other class litigation has been repeatedly recognized by the courts, which have appointed it to major positions in complex securities multi-district and consolidated litigation.
If you wish to discuss this action or have any questions regarding your rights and interests in this case, please immediately contact Wolf Haldenstein by telephone at (800) 575-0735, via e-mail at firstname.lastname@example.org, or visit our website at www.whafh.com.
Wolf Haldenstein Adler Freeman & Herz LLP Kevin Cooper, Esq.Gregory Stone, Director of Case and Financial AnalysisEmail: email@example.com, firstname.lastname@example.org or email@example.com Tel: (800) 575-0735 or (212) 545-4774
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