Cellular Biomedicine Group Today Responded To The Class Action Lawsuit
SHANGHAI, China and PALO ALTO, Calif., June 30, 2015 (GLOBE NEWSWIRE) -- Cellular Biomedicine Group Inc. (NASDAQ:CBMG) ("CBMG" or the "Company"), a biomedicine firm engaged in the development of new treatments for degenerative and cancerous diseases, today reminded its shareholders to read the Q&A posted in the Company's website (view here) regarding the class action law suit filed in the U.S. District Court for the Northern District of California against the Company, its CEO and CFO. The lawsuit was filed by a shareholder who bought 100 shares of CBMG stock the day before an anonymous blogger, who professes to have had a short position in CBMG's stock, published a false and misleading article about the company. As often is the case, after the filing, eighteen (18) law firms sent out thirty-nine (39) advertisements in the last two months to recruit shareholders to serve as lead plaintiffs in the lawsuit. As of the June 22, 2015 deadline set by the Court, no other lawsuits had been filed, and only one other shareholder, who owned the stock for less than 2 weeks and sold the day the article was published, had come forward seeking to serve as lead plaintiff. We attribute the overall lack of response to the lawyers' notices to the positive support of the majority of our long-term shareholders.
Dr. William (Wei) Cao, Chief Executive Officer of CBMG, commented: "We have received and reviewed the complaint. We believe this suit is without merit and filled with patently false information, and we will vigorously defend the Company and ourselves in the matter. We are delighted to report that our employees are remaining vigilantly focused on our fore running Knee Osteoarthritis program and diligently working on launching the cancer CAR-T clinical trials while absorbing the recently acquired vaccine program."
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 six 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 +1 646 284-9427 email@example.com
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