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Lawsuit filed for certain Investors who lost money with shares of Global Cord Blood Corporation (OTC: CORBF)

05-02-2024 05:55 AM CET | Business, Economy, Finances, Banking & Insurance

Press release from: Shareholders Foundation

A lawsuit was filed on behalf of investors in Global Cord Blood Corporation (OTC: CORBF) shares.

A lawsuit was filed on behalf of investors in Global Cord Blood Corporation (OTC: CORBF) shares.

An investor, who purchased shares of Global Cord Blood Corporation (OTC: CORBF), filed a lawsuit over alleged violations of Federal Securities Laws by Global Cord Blood Corporation in connection with certain allegedly false and misleading statements.

Investors who purchased shares of Global Cord Blood Corporation (OTC: CORBF) have certain options and for certain investors are short and strict deadlines running. Deadline: June 24, 2024. OTC: CORBF investors should contact the Shareholders Foundation at mail@shareholdersfoundation.com or call +1(858) 779 - 1554.

Hong Kong based Global Cord Blood Corporation, together with its subsidiaries, provides umbilical cord blood storage and ancillary services in the People's Republic of China. Global Cord Blood Corporation reported its Total Revenue rose from over $1.15 billion for the 12 months period that ended on March 31, 2021, to over $1.24 billion for the 12 months period that ended on March 31, 2022, and that its Net Income over those respective time periods declined from $508.24 million to $501.06 million.

On April 29, 2022, Global Cord Blood Corporation announced that the Company had "entered into a series of Stock Purchase Agreements, each dated April 29, 2022 (the "SPAs" and, collectively, the "SPA"), between the Company and the holders of approximately 95% of the outstanding shares of common stock (the "CLK Shares") of Cellenkos, Inc., a Delaware corporation ("Cellenkos") providing for the acquisition by the Company of such CLK Shares, subject to the satisfaction or waiver of customary closing conditions set forth in the SPA (including the entry of employment agreements with Dr. Simrit Parmar and Jackie Leong of Cellenkos and two to five year lockup agreements in customary form) in exchange for an aggregate of approximately 65.7 million of the Company's ordinary shares of US$0.0001 par value per share (the "Ordinary Shares") and units of the holding company partnership described below equivalent to an aggregate of 36,112,267 Ordinary Shares on a fully-diluted basis."

Then, on May 9, 2022, Global Cord Blood Corporation announced a major investor in many of Global Cord's Chinese subsidiaries, Blue Ocean Structure Investment Company Limited ("BVI"), "filed in the Grand Court of the Cayman Islands a notice of petition to wind up in respect of the issuer (the "Notice of Petition"). Among other things, the Notice of Petition primarily seeks an order that: (1) the issuer refrain from proceeding with a proposed transaction by which the issuer would acquire Cellenkos, Inc., as described in a Form 6-K filed by the Issuer on April 29, 2022 (the "Cellenkos Transaction"); (2) the issuer amend and restate its Memorandum and Articles of Association to eliminate the classification of the Board and to add shareholder protective provisions; and (3) the issuer convene an extraordinary general meeting to propose the removal of the current Board and the appointment of alternative directors proposed by [BVI]."

The plaintiff claims that between June 4, 2019 and May 3, 2022, the Defendants made false and/or misleading statements and/or failed to disclose that: (i) Global Cord employed a capital allocation strategy designed to reserve funds for Company insiders and related parties rather than for the benefit of Company shareholders; (ii) Global Cord's decisions to reject multiple going private offers and enter into the Transaction were nothing more than self-serving and conflicted attempts by Defendants to divert company funds to corporate insiders and related parties; (iii) Defendants had fundamentally misrepresented to investors Global Cord's approach to capital allocation, strategic investments, acquisitions, and related party transactions as a result of the misappropriation by Defendant Kam and his entities of hundreds of millions of dollars from the Company; and (iv) as a result, the Company's public statements were materially false and misleading at all relevant times.

Those who purchased shares of Global Cord Blood Corporation (OTC: CORBF) have certain options and should contact the Shareholders Foundation.

Contact:
Michael Daniels
Shareholders Foundation, Inc.
3111 Camino Del Rio North
Suite 423
San Diego, CA 92108
Tel: +1-(858)-779-1554
E-Mail: mail@shareholdersfoundation.com

About Shareholders Foundation, Inc.
The Shareholders Foundation, Inc. is a professional portfolio monitoring and settlement claim filing service, and an investor advocacy group, which does research related to shareholder issues and informs investors of securities lawsuits, settlements, judgments, and other legal related news to the stock/financial market. Shareholders Foundation, Inc. is in contact with a large number of shareholders and offers help, support, and assistance for every shareholder. The Shareholders Foundation, Inc. is not a law firm. Referenced cases, investigations, and/or settlements are not filed/initiated/reached and/or are not related to Shareholders Foundation. The information is provided as a public service. It is not intended as legal advice and should not be relied upon.

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