SAN DIEGO & WILLIAMSVILLE, N.Y.--(BUSINESS WIRE)--
Shareholder rights law firm Robbins Arroyo LLP announces that purchasers of 22nd Century Group, Inc. (XXII) filed a class action complaint against the company for alleged violations of the Securities and Exchange Act of 1934 between February 18, 2016 and October 25, 2018. 22nd Century Group is a plant technology company that purports to regulate the level of nicotine in tobacco plants.
View this information on the law firm's Shareholder Rights Blog: https://www.robbinsarroyo.com/22nd-century-group-jan-19/
22nd Century Accused of Manipulating Its Stock Price
According to the complaint, since 2016, while 22nd Century filed 10Ks that noted that its stock price was subject to volatility, it failed to disclose its role in manipulating the stock price. 22nd Century's stock promotion scheme first came to light in February 2018. Fuzzy Panda Research published a Seeking Alpha article claiming that 22nd Century's stock price had been inflated through various paid stock promotion articles from 2014 through 2017, some of which had disclosed the paying party and amount, and others which did not. On this news, 22nd Century shares fell over 11%. Then, in October 2018, Fuzzy Panda Research disclosed in another Seeking Alpha article that its FOIA requests from the U.S. Securities and Exchange Commission pertaining to investigations of 22nd Century Group for the time period January 2016 to July 2016 had been denied because releasing the documents could "reasonably be expected to interfere with on-going enforcement proceedings." On this news, 22nd Century's stock fell again to close at $2.45 per share on October 25, 2018, and has yet to recover.
22nd Century Shareholders Have Legal Options
Concerned shareholders who would like more information about their rights and potential remedies can contact attorney Leo Kandinov at (800) 350-6003, [email protected], or via the shareholder information form on the firm's website.
Robbins Arroyo LLP is a nationally recognized leader in shareholder rights law. The firm represents individual and institutional investors in shareholder derivative and securities class action lawsuits, and has helped its clients realize more than $1 billion of value for themselves and the companies in which they have invested.
Attorney Advertising. Past results do not guarantee a similar outcome.
View source version on businesswire.com: https://www.businesswire.com/news/home/20190131005759/en/