Global Cord Blood Corporation
Case Overview
37 Days Left to Seek Lead Plaintiff
Lead Plaintiff Deadline: | Lead Plaintiff Deadline: 06/24/2024 |
Status: | Status: Investigating |
Company Name: | Company Name: Global Cord Blood Corporation |
Case Number: | Case Number: 1:24cv03071 |
Class Period: | Class Period: 06/04/2019 - 05/03/2022 |
Ticker: | Ticker: CORBF |
Related Attorneys: | Lead Attorneys: Thomas W. Elrod |
Related Practices: | Related Practices: Securities |
The law firm of Kirby McInerney LLP announces that a class action lawsuit has been filed in the U.S. District Court for the Southern District of New York on behalf of those who acquired Global Cord Blood Corporation (“Global Cord” or the “Company”) (OTC: CORBF) securities during the period of June 4, 2019 through May 3, 2022, inclusive (“the Class Period”). Investors have until June 24, 2024 to apply to the Court to be appointed as lead plaintiff in the lawsuit.
The lawsuit alleges that Global Cord made false and/or misleading statements and/or failed to disclose that: (i) Global Cord employed a capital allocation strategy designed to reserve funds for Company insiders and related parties rather than for the benefit of Company shareholders; (ii) Global Cord's decisions to reject multiple going private offers and enter into the Transaction were nothing more than self-serving and conflicted attempts by Defendants to divert company funds to corporate insiders and related parties; and (iii) Defendants had fundamentally misrepresented to investors Global Cord's approach to capital allocation, strategic investments, acquisitions, and related party transactions as a result of the misappropriation by Defendant Kam and his entities of hundreds of millions of dollars from the Company..
The lawsuit alleges that Global Cord made false and/or misleading statements and/or failed to disclose that: (i) Global Cord employed a capital allocation strategy designed to reserve funds for Company insiders and related parties rather than for the benefit of Company shareholders; (ii) Global Cord's decisions to reject multiple going private offers and enter into the Transaction were nothing more than self-serving and conflicted attempts by Defendants to divert company funds to corporate insiders and related parties; and (iii) Defendants had fundamentally misrepresented to investors Global Cord's approach to capital allocation, strategic investments, acquisitions, and related party transactions as a result of the misappropriation by Defendant Kam and his entities of hundreds of millions of dollars from the Company..