New York, New York--(Newsfile Corp. - November 1, 2023) - WHY: Rosen Law Firm, a global investor rights law firm, announces an investigation of potential securities claims on behalf of shareholders of Global Cord Blood Corporation (OTC: CORBF) resulting from allegations that Global Cord may have issued materially misleading business information to the investing public.
SO WHAT: If you purchased Global Cord securities you may be entitled to compensation without payment of any out of pocket fees or costs through a contingency fee arrangement. The Rosen Law Firm is preparing a class action seeking recovery of investor losses.
WHAT TO DO NEXT: To join the prospective class action, go to https://rosenlegal.com/submit-form/?case_id=20009 or call Phillip Kim, Esq. toll-free at 866-767-3653 or email [email protected] or [email protected] for information on the class action.
WHAT IS THIS ABOUT: On April 29, 2022, Global Cord announced in a press release the Company had "entered into a series of Stock Purchase Agreements, each dated April 29, 2022 (the "SPAs" and, collectively, the "SPA"), between the Company and the holders of approximately 95% of the outstanding shares of common stock (the "CLK Shares") of Cellenkos, Inc., a Delaware corporation ("Cellenkos") providing for the acquisition by the Company of such CLK Shares, subject to the satisfaction or waiver of customary closing conditions set forth in the SPA (including the entry of employment agreements with Dr. Simrit Parmar and Jackie Leong of Cellenkos and two to five year lockup agreements in customary form) in exchange for an aggregate of approximately 65.7 million of the Company's ordinary shares of US$0.0001 par value per share (the "Ordinary Shares") and units of the holding company partnership described below equivalent to an aggregate of 36,112,267 Ordinary Shares on a fully-diluted basis."
On this news, Global Cord's stock price fell $0.98 per share, or 28.57%, to close at $2.45 per share on May 2, 2022, the next trading day.
Then, on May 9, 2022, during market hours, Global Cord announced a major investor in many of Global Cord's Chinese subsidiaries, Blue Ocean Structure Investment Company Limited ("BVI"), "filed in the Grand Court of the Cayman Islands a notice of petition to wind up in respect of the issuer (the "Notice of Petition"). Among other things, the Notice of Petition primarily seeks an order that: (1) the issuer refrain from proceeding with a proposed transaction by which the issuer would acquire Cellenkos, Inc., as described in a Form 6-K filed by the Issuer on April 29, 2022 (the "Cellenkos Transaction"); (2) the issuer amend and restate its Memorandum and Articles of Association to eliminate the classification of the Board and to add shareholder protective provisions; and (3) the issuer convene an extraordinary general meeting to propose the removal of the current Board and the appointment of alternative directors proposed by [BVI]."
On this news, Global Cord's stock price fell $0.22 per share, or 8.37%, to close at $2.41 per share on May 9, 2022.
WHY ROSEN LAW: We encourage investors to select qualified counsel with a track record of success in leadership roles. Often, firms issuing notices do not have comparable experience, resources, or any meaningful peer recognition. Many of these firms do not actually litigate securities class actions. Be wise in selecting counsel. The Rosen Law Firm represents investors throughout the globe, concentrating its practice in securities class actions and shareholder derivative litigation. Rosen Law Firm has achieved the largest ever securities class action settlement against a Chinese Company. Rosen Law Firm was Ranked No. 1 by ISS Securities Class Action Services for number of securities class action settlements in 2017. The firm has been ranked in the top 4 each year since 2013 and has recovered hundreds of millions of dollars for investors. In 2019 alone the firm secured over $438 million for investors. In 2020, founding partner Laurence Rosen was named by law360 as a Titan of Plaintiffs' Bar. Many of the firm's attorneys have been recognized by Lawdragon and Super Lawyers.
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Attorney Advertising. Prior results do not guarantee a similar outcome.
Laurence Rosen, Esq.
Phillip Kim, Esq.
The Rosen Law Firm, P.A.
275 Madison Avenue, 40th Floor
New York, NY 10016
Tel: (212) 686-1060
Toll Free: (866) 767-3653
Fax: (212) 202-3827
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/185992
Original Source of the original story >> CORBF LOSS ALERT: ROSEN, RECOGNIZED INVESTOR COUNSEL, Encourages Global Cord Blood Corporation Investors to Inquire About Securities Class Action Investigation - CORBF