LOS ANGELES--(BUSINESS WIRE)--Glancy Prongay & Murray LLP announces that it is investigating potential claims on behalf of investors in Cellular Biomedicine Group, Inc. (“Cellular Biomedicine” or the “Company”) (NASDAQ: CBMG). Investors who purchased Cellular Biomedicine prior to April 7, 2015 are encouraged to contact Lesley Portnoy, at (888) 773-9224 or (310) 201-9150, or at shareholders@glancylaw.com to discuss this matter. If you inquire by email please include your mailing address, telephone number and number of shares purchased.
The investigation concerns the Company’s and its executives’ alleged violation of the securities laws, by virtue of Cellular Biomedicine’s failure to disclose to investors that the Company had used paid stock promoters and that the Company’s “Car-T” technology had experienced patient deaths and lacked any meaningful value.
On April 7, 2015 a seekingalpha.com report revealed that the Company hired undisclosed stock promoters, sold large amounts of insider shares, that the Company’s founders faced dishonesty allegations and used the services of an individual serving 11 years in prison for fraud. In addition, the report also revealed that 50% of the Company’s quarterly SEC filings raised accounting and financial integrity questions. Following publication of the seekingalpha.com report the value of CBMG shares declined significantly, falling $7.00 per share, or 22%, to close on April 7, 2015 at $25.22. Cellular Biomedicine investors were damaged by the sharp decline in the stock price.
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