Hemp Biotech Biz Beats Investor Suit Over SEC Probe

Law360 (January 19, 2021, 8:02 PM EST) -- A New York federal judge has tossed a proposed investor class action accusing a tobacco and hemp biotechnology company of hiding a U.S. Securities and Exchange Commission investigation into its accounting problems, finding that the company had already told investors about the underlying issues.

In a Thursday order, U.S. District Judge John L. Sinatra Jr. dismissed with prejudice the investors' claims that 22nd Century Group Inc., its former CEO Henry Sicignano III and former CFO John T. Brodfuehrer caused the company's stock price to fall after a former executive revealed information about the SEC investigation and certain promotional articles about the...

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