NEW YORK, Aug. 10, 2023 /PRNewswire/ -- Pomerantz LLP is investigating claims on behalf of investors of 22nd Century Group, Inc. ("22nd Century" or the "Company") (NASDAQ: XXII). Such investors are advised to contact Robert S. Willoughby at newaction@pomlaw.com or 888-476-6529, ext. 7980.
The investigation concerns whether 22nd Century and certain of its officers and/or directors have engaged in securities fraud or other unlawful business practices.
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On July 24, 2023, 22nd Century Issued a press release announcing the resignation of Chief Executive Officer James Mish and "that John Miller, who leads the tobacco business unit, has been appointed as interim Chief Executive Officer." In the same press release, 22nd Century announced a direct offering of common shares and warrants for total gross proceeds of $11.7 million, which will be used "for accelerating the consumer use data for VLN® among adult smokers, accretive structural changes to streamline operations and for general corporate purposes."
On this news, 22nd Century's stock price fell $1.73 per share, or 35.57%, to close at $3.13 per share on July 24, 2023.
Pomerantz LLP, with offices in New York, Chicago, Los Angeles, London, Paris, and Tel Aviv, is acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class litigation. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, Pomerantz pioneered the field of securities class actions. Today, more than 85 years later, Pomerantz continues in the tradition he established, fighting for the rights of the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered numerous multimillion-dollar damages awards on behalf of class members. See www.pomlaw.com.
CONTACT:
Robert S. Willoughby
Pomerantz LLP
rswilloughby@pomlaw.com
888-476-6529 ext. 7980
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SOURCE Pomerantz LLP
