22nd Century Group, Inc.
Company Name | 22nd Century Group, Inc. |
Stock Symbol | XXII |
Class Period | February 18, 2016 to October 25, 2018 |
Lead Plaintiff Motion Deadline | March 22, 2019 |
On October 25, 2018, an article was published on Seeking Alpha, alleging that 22nd Century was under SEC investigation. On this news, the Company’s share price fell 4.3% to close at $2.45 per share on October 25, 2018, thereby injuring investors.
The complaint filed in this class action alleges that throughout the Class Period Defendants made materially false and misleading statements and/or failed to disclose that: (1) 22nd Century’s stock was prone to manipulation through paid stock promotions; (2) such conduct would subject 22nd Century to heightened regulatory scrutiny by the Securities and Exchange Commission; and (3) consequently, 22nd Century’s public statements were materially false and misleading and/or lacked a reasonable basis at all relevant times.
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