NEW YORK--(BUSINESS WIRE)--The law firm of Kirby McInerney LLP announces that a class action lawsuit has been filed in the U.S. District Court for the Eastern District of New York on behalf of those who acquired 22nd Century Group, Inc. (“22nd Century” or the “Company”) (NYSE:XXII) securities during the period from February 18, 2016 through October 25, 2018 (the “Class Period”). Investors have until March 22, 2019 to apply to the Court to be appointed as lead plaintiff in the lawsuit.
The lawsuit alleges that 22nd Century made false and/or misleading statements and/or failed to disclose that: (i) 22nd Century’s stock was prone to manipulation through paid stock promotions; and (ii) such conduct would subject 22nd Century to heightened regulatory scrutiny by the Securities and Exchange Commission.
On February 2, 2018, an article was published on Seeking Alpha, alleging that 22nd Century had utilized a years’ long “[r]ampant paid stock promotion” scheme to inflate 22nd Century’s share price. On this news, shares of 22nd Century fell $0.35 per share or more than 11%, to close at $2.73 per share on February 2, 2018.
On October 25, 2018, an article was published on Seeking Alpha, alleging that 22nd Century was under SEC investigation. On this news, shares of 22nd Century fell $0.11 per share or about 4.3%, to close at $2.45 on October 25, 2018.
If you acquired 22nd Century securities during the Class Period, have information, or would like to learn more about these claims, please contact Thomas W. Elrod of Kirby McInerney at 212-371-6600, by email at firstname.lastname@example.org, or by filling out this contact form, to discuss your rights or interests with respect to these matters without any cost to you.
Kirby McInerney is a New York-based plaintiffs’ law firm concentrating in securities, antitrust, and whistleblower litigation. The firm’s efforts on behalf of shareholders in securities litigation have resulted in recoveries totaling billions of dollars. Additional information about the firm can be found at Kirby McInerney’s website: www.kmllp.com.
This press release may be considered Attorney Advertising in some jurisdictions under the applicable law and ethical rules.