Lawsuit Overview
January 23, 2017 - The U.S. Court of Appeals for the Ninth Circuit granted the appellants' motion for voluntary dismissal.
September 16, 2016 - The lead plaintiff filed a notice of appeal.
September 2, 2016 - The court granted defendants' motion to dismiss without leave to amend and dismissed the case.
June 30, 2016 - Defendants filed a motion to dismiss.
June 9, 2016 - The lead plaintiff filed an amended complaint.
May 20, 2016 - The court granted defendants' motions to dismiss with leave to amend.
January 19, 2016 - Defendants filed motions to dismiss.
September 17, 2015 - The lead plaintiff filed an amended complaint.
August 3, 2015 - Lead plaintiff and lead counsel were appointed.
June 22, 2015 - Lead plaintiff motions were filed.
April 21, 2015 - An investor in shares of Cellular Biomedicine Group Inc (NASDAQ: CBMG) filed a lawsuit in the U.S. District Court for the Northern District of California against Biomedicine Group Inc over alleged violations of Federal Securities Laws by Cellular Biomedicine Group Inc in connection with certain allegedly false and misleading statements made between June 18, 2014 and April 7, 2015.
According to the complaint the plaintiff alleges on behalf of purchasers of Cellular Biomedicine Group Inc (NASDAQ: CBMG) common shares between June 18, 2014 and April 7, 2015, that the defendants violated Federal Securities Laws. More specifically, the plaintiff claims that between June 18, 2014 and April 7, 2015, defendants made allegedly false and/or misleading statements and/or allegedly failed to disclose that Cellular Biomedicine Group 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 , that Cellular Biomedicine Group’s Car-T technology had experienced patient deaths and lacked any meaningful valuation, and that as a result of the above, Cellular Biomedicine Group’s financial statements were materially false and misleading at all relevant times.
Cellular Biomedicine Group Inc reported that its annual Total Revenue rose from $0.20 million in 2013 to $0.56 million in 2014. Shares of Cellular Biomedicine Group Inc (NASDAQ: CBMG) grew from $11.52 per share in late December 2014 to as high as $49.00 per share on March 24, 2015.
On April 7, 2015, a report was published on Cellular Biomedicine Group, which alleged that it has achieved an unsustainable valuation with paid stock promotion, that its “CAR-T” technology has experienced patient deaths and is worthless, that its founders face multiple allegations of dishonesty and are responsible for an alleged illegal offshore stem cell clinic, and that it has multiple accounting and financial integrity issues. On April 8, 2015, Cellular Biomedicine Group Inc (NASDAQ: CBMG) responded to the statements and allegations. Cellular Biomedicine Group Inc said that the statements and allegations are false and misleading. Shares of Cellular Biomedicine Group Inc (NASDAQ: CBMG) declined to as low as $21.41 per share on April 8, 2015.