Shareholder investigation of 22nd century
22nd Century Group, Inc. (XXII) Accused of Manipulating Its Stock Price
According to the complaint, since 2016, while 22nd Century Group, Inc. (XXII) filed 10Ks that noted that its stock price was subject to volatility, it failed to disclose its role in manipulating the stock price. 22nd Century’s stock promotion scheme first came to light in February 2018. Fuzzy Panda Research published a Seeking Alpha article claiming that 22nd Century’s stock price had been inflated through various paid stock promotion articles from 2014 through 2017, some of which had disclosed the paying party and amount, and others which did not. On this news, 22nd Century shares fell over 11%. Then, in October 2018, Fuzzy Panda Research disclosed in another Seeking Alpha article that its FOIA requests from the U.S. Securities and Exchange Commission pertaining to investigations of 22nd Century Group for the time period January 2016 to July 2016 had been denied because releasing the documents could “reasonably be expected to interfere with on-going enforcement proceedings.” On this news, 22nd Century’s stock fell again to close at $2.45 per share on October 25, 2018, and has yet to recover.
22nd Century Group, Inc. (XXII) Shareholders Have Legal Options
Concerned shareholders who would like more information about their rights and potential remedies can please send us a message via the Shareholder Information form below.