This lawsuit is for anyone who acquired securities in 22nd Century Group, Inc. (NYSE: XXII) from February 18, 2016 through October 25, 2018.
The lawsuit alleges that the Company and certain of its executives violated federal law. Specifically, the lawsuit alleges that, during the time period mentioned above, the Company misled investors regarding its financial condition. More specifically, the lawsuit alleges that the Company misled investors by hiring stock promoters to publish false positive ads about the Company for the purpose of pumping the stock price of the Company's shares so that Company executives could then dump their shares at the artificially inflated price on the unsuspecting investing public.
On October 25, 2018, Seeking Alpha published an article alleging that the SEC was investigating 22nd Century for hiring stock promoters to engage in a pump and dump scheme. The article states that the SEC must be investigating the Company because when the author of the article sent a Freedom of Information request to the SEC regarding the Company, the SEC refused to release any information, citing a law that typically means the SEC is investigating the company being inquired into. Further, the article states that the same people who published positive articles about the Company also published false positive articles for other companies which are currently under SEC investigation. The day after Seeking Alpha published the article, the Company responded to the article disingenuously by stating that it was unaware of an SEC investigation but by failing to address why the SEC would deny the FOI request or why the same authors who wrote fake positive articles about other companies under SEC investigation would be writing positive articles about the Company. On this news, the price of the Company's stock dropped precipitously on unusually heavy trading volume.
The Law Offices of Howard G. Smith seeks to recover damages on behalf of class members. If you acquired securities in 22nd Century Group, Inc. (NYSE: XXII) from February 18, 2016 through October 25, 2018 you may join the lawsuit by submitting your information online, or you may call the Law Offices of Howard G. Smith and speak to Mr. Smith directly to learn how he can protect your rights.
Join the Class Action
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I, the Plaintiff, certify that:
1. I have reviewed the Complaint and authorized its filing.
2. Plaintiff did not purchase the security that is the subject of this
action, at the direction of plaintiff's counsel or in order to
participate in any private action arising under this title.
3. I am willing to serve as a representative party on behalf of a class
and will testify at deposition and trial, if necessary.
4. My transactions in the securities, which are the subject of this
action, during the Class Period set forth in the Complaint are as
5. I have not served as a representative party on behalf of a class
under the federal security laws during the last three years, except
if detailed below.
6. I will not accept any payment for serving as a representative party,
except to receive my pro rata share of any recovery or as ordered
or approved by the court including the award to a representative
plaintiff of reasonable costs and expenses (including lost wages)
directly relating to the representation of the class.
agreement and retain the Law Offices of Howard G. Smith and its associates to proceed on Plaintiff's behalf, on a contingent fee basis. If I am executing this agreement on behalf of an institution, I further certify that I am authorized to execute this agreement on behalf of the institution.