Investor Alert: Kaplan Fox Announces Investigation Of 22nd Century Group, Inc.
NEW YORK, Jan. 28, 2019 /PRNewswire/ -- Kaplan Fox & Kilsheimer LLP (www.kaplanfox.com) is investigating claims on behalf of investors of 22nd Century Group, Inc. ("22nd Century" or the "Company") (NYSE American: XXII). Investors who purchased 22nd Century securities between February 18, 2016 and October 25, 2018, inclusive (the "Class Period"), may be affected. A complaint has been filed in the United States District Court for the Eastern District of New York on behalf of investors of 22nd Century securities during the Class Period.
According to the complaint, on February 2, 2018, Seeking Alpha contributor Fuzzy Panda Research stated that 22nd Century utilized a "[r]ampant paid stock promotion" scheme to inflate 22nd Century's share price. Following this news, 22nd Century's stock price fell $0.35 per share, or more than 11%, to close at $2.73 per share on February 2, 2018.
Further, according to the complaint, on October 25, 2018, Seeking Alpha contributor Fuzzy Panda Research published another article suggesting that the Securities and Exchange Commission ("SEC") is actively investigating 22nd Century for its involvement in a potential pump and dump scheme. Specifically, Fuzzy Panda Research reported that it had made a request to the SEC pursuant to the Freedom of Information Act ("FOIA") and that the SEC had denied Fuzzy Panda Research's FOIA request to release the documents because doing so could "reasonably be expected to interfere with on-going enforcement proceeds." Following this news, 22nd Century's share price fell 4.3% to close at $2.45 per share on October 25, 2018.
If you are a member of the proposed Class, you may move the court no later than March 22, 2019 to serve as a lead plaintiff for the purported class. You need not seek to become a lead plaintiff in order to share in any possible recovery. If you would like to discuss the complaint or our investigation, please contact us by emailing firstname.lastname@example.org or by calling 800-290-1952.
This press release may be considered Attorney Advertising in some jurisdictions under the applicable law and ethical rules.
Kaplan Fox & Kilsheimer LLP, with offices in New York, San Francisco, Los Angeles, Chicago and New Jersey, has many years of experience in prosecuting investor class actions. For more information about Kaplan Fox & Kilsheimer LLP, you may visit our website at www.kaplanfox.com. If you have any questions about this Notice, the action, your rights, or your interests, please contact:
Donald R. Hall
KAPLAN FOX & KILSHEIMER LLP
850 Third Avenue, 14th Floor
New York, New York 10022
Fax: (212) 687-7714
Laurence D. King
KAPLAN FOX & KILSHEIMER LLP
350 Sansome Street, Suite 400
San Francisco, California 94104
Fax: (415) 772-4707