22nd Century Group, Inc. (NYSE: XXII) Investor Securities Class Action Lawsuit 01/21/2019

If you purchased a significant amount of shares of 22nd Century Group, Inc. (NYSE: XXII) between February 18, 2016 and October 25, 2018, and / or if you purchased any NYSE: XXII shares prior to February 2016 and continue to hold any of those shares, you have certain options and for certain investors are short and strict deadlines running. Deadline: March 22, 2019. NYSE: XXII investors should contact the Shareholders Foundation, Inc.

To have your information reviewed for options and to recieve notifications about this case, please use this form. You may also send an email to mail@shareholdersfoundation.com, or call us at (858) 779-1554.
Company Name(s): 
22nd Century Group
Case Name: 
22nd Century Group Shareholder Class Action Lawsuit 01/21/2019
Case Status: 
Lawsuit Filed
Affected Securities
NYSE: XXII
Lawsuit Overview
Type of Lawsuit: 
Shareholder Class Action
Date Filed: 
01/21/2019
Class Period Begin: 
02/18/2016
Class Period End: 
10/25/2018
Court of Filing: 
U.S. District Court for the Eastern District of New York
Deadline To File for Lead: 
03/22/2019
Summary: 

An investor in shares of 22nd Century Group, Inc. (NYSE: XXII) filed a lawsuit in the U.S. District Court for the Eastern District of New York over alleged violations of Federal Securities Laws by 22nd Century Group, Inc. in connection with certain allegedly false and misleading statements made between February 18, 2016 and October 25, 2018.

Williamsville, NY based 22nd Century Group, Inc., a plant biotechnology company, provides technology that allows increasing or decreasing the level of nicotine and other nicotinic alkaloids in tobacco plants, and cannabinoids in hemp/cannabis plants through genetic engineering and plant breeding. 22nd Century Group, Inc. reported that its annual Total Revenue rose from over $12.27 billion in 2016 to over $16.6 billion in 2017 and that its Net Loss increased from over $11.58 billion in 2016 to over $13.02 billion in 2017.
On October 25, 2018, an article reported that the Securities and Exchange Commission (“SEC”) might be actively investigating 22nd Century Group for its involvement in a potential pump and dump scheme. According to the article, a March 2018 exposé revealed that “[f]ake authors” wrote positive stories concerning 22nd Century. The article states that 22nd Century management “has still not explained who authorized or funded the positive articles” or “provided any reasoning for who else could be responsible for these tactics of having fake authors write positive articles.”

According to the complaint the plaintiff alleges on behalf of purchasers of 22nd Century Group, Inc. (NYSE: XXII) common shares between February 18, 2016 and October 25, 2018, that the defendants violated Federal Securities Laws. More specifically, the plaintiff claims that between February 18, 2016 and October 25, 2018, the defendants made false and/or misleading statements and/or failed to disclose that 22nd Century’s stock was prone to manipulation through paid stock promotions, that such conduct would subject 22nd Century to heightened regulatory scrutiny by the Securities and Exchange Commission (the “SEC”), and that consequently, 22nd Century’s public statements were materially false and misleading and/or lacked a reasonable basis at all relevant times.