INVESTOR ALERT: Faruqi & Faruqi, LLP Encourages Investors Who Suffered Losses in Excess of $100,000 Investing in Medbox, Inc. (MDBX) to Contact the Firm
NEW YORK, NY–(Marketwired – January 23, 2015) – Faruqi & Faruqi, LLP, a leading national securities law firm, reminds investors in Medbox, Inc. (“Medbox” or the “Company”) (MDBX) of the March 23, 2015 deadline to seek the role of lead plaintiff in a federal securities class action lawsuit filed against Medbox and certain officers of the Company.
A complaint has been filed in the United States District Court for the Central District of California on behalf of all persons who purchased Medbox common stock between November 20, 2013 and December 29, 2014 (the “Class Period”).
The complaint alleges that the Company and its executives violated federal securities laws with respect to its statements concerning its business, operations, and prospects.
Specifically, the action alleges that during the Class Period, Medbox misrepresented and/or failed to disclose that the Company overstated its revenues as a result of recognizing revenue on customer contracts prior to it being earned.
On December 30, 2014, Medbox announced that it was going to restate the past five quarters of financial reports.
Following this news, the price of the Company’s stock declined by $67.51 per share from its Class Period high, or over 91%, to close on December 30, 2014 at $6.39 per share.
If you invested in Medbox common stock or options between November 20, 2013 and December 29, 2014 and would like to discuss your legal rights, visit www.faruqilaw.com/MDBX. You can also contact us by calling Richard Gonnello toll free at 877-247-4292 or at 212-983-9330 or by sending an e-mail torgonnello@faruqilaw.com. Faruqi & Faruqi, LLP also encourages anyone with information regarding Medbox’s conduct to contact the firm, including whistleblowers, former employees, shareholders and others.
Faruqi & Faruqi, LLP is a national law firm which represents investors and individuals in class action litigation. The firm is focused on providing exemplary legal services in complex litigation in the areas of securities, shareholder, antitrust and consumer litigation, throughout all phases of litigation. The firm has an experienced trial team which has achieved significant victories on behalf of the firm’s clients. To keep track of the latest securities litigation news, follow us on Twitter at www.twitter.com/MergerActivity or on Facebook at www.facebook.com/FaruqiLaw.
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