Subjects: LAW, ATY

Pomerantz LLP Announces Pendency of Class Action and Proposed Settlement Involving Purchasers of 22nd Century Group, Inc. Common Stock

BUFFALO, N.Y., July 31, 2023 /PRNewswire/ --

UNITED STATES DISTRICT COURT
WESTERN DISTRICT OF NEW YORK

SUMMARY NOTICE OF (I) PENDENCY OF CLASS ACTION, CERTIFICATION OF SETTLEMENT CLASS, AND PROPOSED SETTLEMENT OF CLASS ACTION; (II) SETTLEMENT HEARING; AND (III) MOTION FOR AN AWARD OF
ATTORNEYS' FEES AND REIMBURSEMENT OF LITIGATION EXPENSES

TO:  All persons and entities who, during the period from February 18, 2016 through July 31, 2019, inclusive (the "Settlement Class Period"), purchased or otherwise acquired 22^nd Century Group, Inc. ("22^nd Century") common stock and were allegedly damaged thereby (the "Settlement Class").

PLEASE READ THIS NOTICE CAREFULLY, YOUR RIGHTS WILL BE AFFECTED BY A CLASS ACTION LAWSUIT PENDING IN THIS COURT.

YOU ARE HEREBY NOTIFIED, pursuant to Rule 23 of the Federal Rules of Civil Procedure and an Order of the United States District Court for the Western District of New York, that the above-captioned litigation (the "Action") has been certified as a class action on behalf of the Settlement Class, except for certain persons and entities who are excluded from the Settlement Class as set forth in the full printed Notice Of (I) Pendency Of Class Action, Certification Of Settlement Class, And Proposed Settlement of Class Action; (II) Settlement Hearing; And (III) Motion For An Award Of Attorneys' Fees And Reimbursement Of Litigation Expenses (the "Notice").

YOU ARE ALSO NOTIFIED that Lead Plaintiffs in the Action have reached a proposed settlement of the Action for $3,000,000.00 in cash (the "Settlement"), that, if approved, will resolve all claims in the Action. 

This Summary Notice relates to the proposed Settlement of claims in a pending securities class action lawsuit brought by investors alleging, among other things, that Defendants 22^nd Century, Henry Sicignano, III, and John T. Brodfuehrer (collectively, the "Defendants") violated the federal securities laws by making alleged misrepresentations or omissions regarding certain alleged stock promotion articles and Defendants' alleged failure to disclose an investigation by the Securities and Exchange Commission ("SEC") into a material weakness in 22^nd Century's internal controls, which Defendants deny.  

A hearing will be held on October 3, 2023 at 11:00 a.m., before the Honorable Michael J. Roemer, United States Magistrate Judge, at the United States District Court for the Western District of New York, Robert H. Jackson United States Courthouse, 2 Niagara Square, Buffalo, New York 14202, or by telephonic, video conferencing or other electronic means, as posted on the website of the Claims Administrator. The hearing will determine (i) whether the proposed Settlement should be approved as fair, reasonable, and adequate; (ii) whether the Action should be dismissed with prejudice against Defendants, and the Releases specified and described in the Stipulation And Agreement Of Settlement (and in the Notice) should be granted; (iii) whether the proposed Plan of Allocation should be approved as fair and reasonable; (iv) whether Lead Counsel's application for an award of attorneys' fees and reimbursement of Litigation Expenses should be approved, and (v) whether to award Lead Plaintiff for reimbursement of Lead Plaintiffs' time and expenses out of the Settlement Fund and pursuant to 15 U.S.C. §78u-4(a)(4) in connection with their representation of the Settlement Class and, if so, in what amount.

If you are a member of the Settlement Class, your rights will be affected by the pending Action and the Settlement, and you may be entitled to share in the Settlement Fund. If you have not yet received the Notice and Claim Form, you may obtain copies of these documents by contacting the Claims Administrator at 22^nd Century Securities Litigation, c/o Epiq, P.O. Box 3839, Portland, OR 97208-3839. Copies of the Notice and Claim Form can also be downloaded from the website maintained by the Claims Administrator, www.22ndCenturySecuritiesLitigation.com. 

If you are a member of the Settlement Class, in order to be potentially eligible to receive a payment under the proposed Settlement, you must submit a Claim Form either online at the Settlement website, www.22ndCenturySecuritiesLitigation.com, by October 10, 2023, or by first class postage prepaid U.S. mail postmarked no later than October 10, 2023. If you are a Settlement Class Member and do not timely submit a proper Claim Form, you will not be eligible to share in the distribution of the net proceeds of the Settlement but you will nevertheless be bound by any judgments or orders entered by the Court in the Action.

If you are a member of the Settlement Class and wish to exclude yourself from the Settlement Class, you must submit a request for exclusion such that it is received no later than September 12, 2023, in accordance with the instructions set forth in the Notice. If you properly exclude yourself from the Settlement Class, you will not be bound by any judgments or orders entered by the Court in the Action and you will not be eligible to share in the proceeds of the Settlement. 

Any objections to the proposed Settlement, the proposed Plan of Allocation, or Lead Counsel's motion for attorneys' fees and reimbursement of expenses, must be filed with the Court and delivered to representatives of Lead Counsel and Defendants' counsel such that they are received no later than September 12, 2023, in accordance with the instructions set forth in the Notice.

Please do not contact the Court, the Clerk's office, 22^nd Century, or Defendants' counsel regarding this notice. All questions about this notice, the proposed Settlement, or your eligibility to participate in the Settlement should be directed to Lead Counsel or the Claims Administrator.

Requests for the Notice and Claim Form should be made to:

22^nd Century Securities Litigation
c/o Epiq
P.O. Box 3839
Portland, OR 97208-3839

Inquiries, other than requests for the Notice and Claim Form, should be made to Lead Counsel:

POMERANTZ LLP
Jeremy A. Lieberman
Brian Calandra
600 Third Avenue, 20^th Floor
New York, NY 10016
[email protected]
[email protected]

Dated: August 7, 2023                                                                                                          

By Order of the Court                                                                                  
United States District Court                                                             
Western District of New York

URL: www.22ndCenturySecuritiesLitigation.com

SOURCE Pomerantz LLP

News published on 31 july 2023 at 08:00 and distributed by: