Stem Cell Biz Facing Fraud Claims Declares Bankruptcy

Law360 (September 10, 2019, 4:39 PM EDT) -- A medical group facing a certified class action for its alleged fraudulent marketing of stem cell treatments has told a California federal court that it has filed for bankruptcy and will liquidate the business.

In a filing Monday, StemGenex Medical Group Inc. said it filed for Chapter 7 protection in California bankruptcy court last week and that it currently has just $300 in cash and $1 million in debts and other liabilities.

StemGenex patients Selena Moorer, Rebecca King, Jennifer Brewer and Alexandra Gardner filed suit in 2014 saying they and others had been fraudulently induced by claims on the California-based group's...

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