NEW YORK, Jan. 23, 2019 /CNW/ -- Pomerantz LLP is investigating claims on behalf of investors of 22nd Century Group, Inc. ("22nd Century" or the "Company") (NYSEAMERICAN: XXII). Investors are advised to contact Robert S. Willoughby at [email protected] or 888-476-6529, ext. 9980.
The investigation concerns whether 22nd Century and certain of its officers and/or directors have violated the federal securities laws.
On February 2, 2018, Fuzzy Panda Research published an article on Seeking Alpha, asserting that 22nd Century's stock price had been inflated through various paid stock promotion articles between 2014 and 2017, some of which did not disclose the paying party and amount.
On this news, 22nd Century's stock price fell $0.35 per share, or over 11%, to close at $2.73 per share on February 2, 2018.
Then, on October 25, 2018, Fuzzy Panda Research reported in another Seeking Alpha article that its requests to U.S. Securities and Exchange Commission ("SEC") pursuant to the Freedom of Information Act for "all documents in the possession of SEC that pertain to investigations regarding 22nd Century Group (XXII) for the time period January 1, 2016 through July 16, 2018" had been denied. According to the article, the SEC denied Fuzzy Panda Research's request to release the documents because doing so could "reasonably be expected to interfere with on-going enforcement proceedings."
Following this news, 22nd Century's stock price fell $0.11 per share, or over 4%, to close at $2.45 per share on October 25, 2018.
The Pomerantz Firm, with offices in New York, Chicago, Angeles, and Paris, 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, the Pomerantz Firm pioneered the field of securities class actions. Today, more than 80 years later, the Pomerantz Firm 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.pomerantzlaw.com.
Robert S. Willoughby
888-476-6529, ext. 9980
SOURCE Pomerantz LLP