Investigation Overview
January 12, 2015 (Update) - On December 30, 2014, Medbox Inc (OTC: MDBX) announced it will amend and restate its financial statements for the year ended December 31, 2013, the third and fourth quarters of 2013 and the first three quarters of 2014.
February 19, 2014 (Shareholders Foundation) - An investigation on behalf of investors of Medbox Inc (OTC: MDBX) shares over potential securities laws violations by Medbox and certain of its directors and officers in connection certain financial statements was announced.
The investigation by a law firm focuses on possible claims on behalf of purchasers of the securities of Medbox Inc (OTC: MDBX) concerning whether a series of statements by Medbox Inc regarding its business, its prospects and its operations were materially false and misleading at the time they were made.
Medbox Inc reported that its annual Total Revenue rose from $3.44 million in 2011 to $3.53 million in 2012.
Shares of Medbox Inc (OTC: MDBX) grew from $10.37 per share in late December 2013 to as high as $73.90 per share on Janaury 7, 2014.
Then on On February 18, 2014, a report was published stating that Medbox Inc has systematically and repeatedly committed FRAUD on their financial statements, and the public statements they make about their financials are laced with lies.
Shares of Medbox Inc closed on February 19, 2014, at $27.25 per share.