Cellular Biomedicine Group Responds To Purported Class Action Lawsuit
PALO ALTO, Calif., April 30, 2015 (GLOBE NEWSWIRE) -- Cellular Biomedicine Group Inc. (Nasdaq:CBMG) ("CBMG" or the "Company"), a biomedicine firm engaged in the development of effective stem cell therapies for degenerative diseases and immunotherapies for cancer, today announced that it intends to vigorously defend against the claims made in a putative securities class action lawsuit filed against the company and two of its officers in the United States District Court for the Northern District of California. The complaint is based in large part on an anonymous article published on the Seeking Alpha website, which CBMG has already addressed on its website. CBMG has reviewed the complaint and views the allegations as meritless.
Adrienne Marie Ward of Ellenoff Grossman & Schole LLP ("EGS") will serve as lead defense counsel for CBMG and its officers. Barry Grossman of EGS will also advise the Company in connection with its defense of the class actions.
About Cellular Biomedicine Group
Cellular Biomedicine Group, Inc. develops proprietary cell therapies for the treatment of certain degenerative diseases and cancers. Our developmental stem cell, progenitor cell, and immune cell projects are the result of research and development by scientists and doctors from China and the United States. Our flagship GMP facility, consisting of eight independent cell production lines, is designed, certified and managed according to U.S. standards. To learn more about CBMG, please visit: www.cellbiomedgroup.com
Statements in this press release relating to plans, strategies, trends, specific activities or investments, and other statements that are not descriptions of historical facts may be forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking information is inherently subject to risks and uncertainties, and actual results could differ materially from those currently anticipated due to a number of factors, which include, but are not limited to, risk factors inherent in doing business. Forward-looking statements may be identified by terms such as "may," "will," "expects," "plans," "intends," "estimates," "potential," or "continue," or similar terms or the negative of these terms. Although CBMG believes the expectations reflected in the forward-looking statements are reasonable, they cannot guarantee that future results, levels of activity, performance or achievements will be obtained. CBMG does not have any obligation to update these forward-looking statements other than as required by law.
CONTACT: Sarah Kelly Director of Corporate Communications, CBMG +1 650 566-5064 firstname.lastname@example.org Vivian Chen Managing Director Investor Relations, Grayling +1 347 481-3711 email@example.com
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