Securities Class Action Filed Against Medbox, Inc.
Violations of federal securities laws as a result of a series of materially false statements. According to the Complaint, Medbox overstated the Company’s revenues by recognizing revenue on customer contracts before it had been earned. On December 30, 2014, Medbox announced that its financial statements for: (i) the year ended December 31, 2013, (ii) the third and fourth quarters of 2013, and (iii) the first and second quarters of 2014, could no longer be relied upon, as they are materially inaccurate. This news caused Medbox’s share price to decline, damaging investors. Filed in C.D. Cal.
Lead Plaintiff Deadline: The deadline to file for lead plaintiff in this action is 3/23/2015.
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