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Medbox Inc (OTC: MDBX) Investor Securities Class Action Lawsuit 01/21/2015

  • You must submit the settlement Proof form attached below, in order to participate in this settlement. There is a strict deadline of June 1, 2016 by which all claims must be submitted. The instructions for submitting are included in the Proof and the Notice files attached below for your download. DO NOT SEND THE FORMS TO THE SHAREHOLDERS FOUNDATION, INC.

  • To have your information reviewed for options and to receive notifications about this case, please send an email to mail@shareholdersfoundation.com, or call us at (858) 779-1554.

Lawsuit Overview

Company
Medbox Inc
Security
OTC: MDBX
OTCMKTS: MDBX

Case Name
Medbox Shareholder Class Action Lawsuit 01/21/2015
Type of Lawsuit
Shareholder Class Action
Court of Filing
U.S. District Court for the Central District of California

Class Period Begin
Class Period End
Deadline To File for Lead
Settlement Notice
medbox_inc_settlement_notice_2_2016.pdf
Settlement Proof
medbox_inc_settlement_proof_2_2016.pdf
Filed Complaint
medbox_inc_original_filing_edited_1_2015.pdf
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Settlement Overview

Date Settled
Date Settled
Settlement Amount
$1,850,000.00
Deadline to Participate in Settlement

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Summary

February 3, 2016 - The court preliminarily approved the settlement.

December 17, 2015 - A stipulation of settlement was filed by the parties.

July 27, 2015 - An amended consolidated complaint was filed.

January 21, 2015 - An investor in shares of Medbox Inc (OTC: MDBX) filed a lawsuit in the U.S. District Court for the Central District of California over alleged violations of Federal Securities Laws by Medbox Inc in connection with certain allegedly false and misleading statements made between November 20, 2013 and December 29, 2014.

According to the complaint the plaintiff alleges on behalf of purchasers of Medbox Inc (OTC: MDBX) common shares between November 20, 2013 and December 29, 2014, that the defendants violated Federal Securities Laws.

More specifically, the plaintiff claims that between November 20, 2013 and December 29, 2014 Medbox Inc allegedly overstated Medbox Inc’s revenues by recognizing revenue on customer contracts before it had been earned and that as a result Medbox Inc’s stock traded at allegedly artificially inflated prices between November 20, 2013 and December 29, 2014, reaching an intra-day high of $93.50 on January 8, 2014. The plaintiff further alleges that while defendants kept the full extent of their fraud concealed between November 20, 2013 and December 29, 2014, while the market learned bits of the truth through several partial disclosures.

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.” 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.

Shares of Medbox Inc (OTC: MDBX) declined from $40.25 per share in early 2014 to as low as $4.25 per share in early December 2014, respectively $4.96 per share on January 22, 2015.

medbox_inc_original_filing_edited_1_2015.pdf
Date Settled