Philadelphia, Pennsylvania--(Newsfile Corp. - January 19, 2023) - A securities fraud class action alleging wrongdoing committed by certain of 22nd Century Group, Inc' Officers and Directors has survived a motion to dismiss the complaint.
The underlying case involves an alleged scheme to use undisclosed paid stock promotions to artificially inflate the price of 22nd Century's common stock. The artificially inflated stock was then used by Defendants to obtain a needed cash infusion through a large stock offering. That offering netted over $50 million from unsuspecting investors. When the truth about the scheme was revealed, 22nd Century's stock tanked, causing significant loses to investors.
22nd Century shareholders who have continuously held company stock since on or before February 18, 2016, can seek corporate reforms, the return of funds spent defending litigation back to the company, and a court approved incentive award, if appropriate, at no cost to them whatsoever.
If you would like to learn more about this matter, please visit https://grabarlaw.com/the-latest/22nd-century-shareholder-investigation/, contact us at jgrabar@grabarlaw.com, or call 267-507-6085.
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Contact:
Joshua H. Grabar, Esq.
Grabar Law Office
One Liberty Place
1650 Market Street, Suite 3600
Philadelphia, PA 19103
Tel: 267-507-6085
Email: jgrabar@grabarlaw.com
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/151878
