Glancy Prongay & Murray LLP Reminds Investors of Looming Deadline in the Class Action Lawsuit Against Global Cord Blood Corporation (CORBF)

Glancy Prongay & Murray LLP (“GPM”) reminds investors of the upcoming June 24, 2024 deadline to file a lead plaintiff motion in the class action filed on behalf of investors who purchased or otherwise acquired Global Cord Blood Corporation (“Global Cord” or the “Company”) (OTC: CORBF) securities between June 4, 2019 and May 3, 2022, inclusive (the “Class Period”).

If you suffered a loss on your Global Cord investments or would like to inquire about potentially pursuing claims to recover your loss under the federal securities laws, you can submit your contact information at www.glancylaw.com/cases/Global-Cord-Blood-Corporation/. You can also contact Charles H. Linehan, of GPM at 310-201-9150, Toll-Free at 888-773-9224, or via email at [e-mail] to learn more about your rights.

On April 29, 2022, Global Cord announced that it had entered into a Material Definitive Agreement to acquire biotechnology company Cellenkos Inc. (“Cellenkos”) for over $1 billion, including $664 million in cash and 114 million Global Cord shares. The Company stated that it planned to issue approximately 125 million new shares, valued at $11 per share, and pay $664 million in cash as total consideration, thereby diluting Company shareholders by half and depleting its sizable cash balance.

On this news, Global Cord’s stock price fell $0.98, or 28.6%, to close at $2.45 per share on May 2, 2022, thereby injuring investors.

Then, on May 3, 2022, Blue Ocean Structure Investment Company Limited (“Blue Ocean”) filed a petition opposing the transaction, stating that Cellenkos had no discernible long-term value, that the transaction purchase price was unjustifiable, that the transaction would result in a massive dilution of Global Cord shareholders, that the close relationship between Global Cord and Cellenkos constituted a conflict of interest, and that the transaction was approved without sufficient shareholder knowledge.

On this news, Global Cord’s stock price fell $0.22, or 9.1%, to close at $2.20 per share on May 5, 2022, thereby injuring investors further.

Then, on September 22, 2022, the Grand Court of the Cayman Islands suspended the powers of Global Cord’s Directors and appointed Joint Provisional Liquidators (“JPLs”) over the Company after evidence was presented showing that the Cellenkos Transaction was actually part of a cover-up aimed at “filling a gap” in Global Cord’s balance sheet. Additionally, the NYSE halted trading in Global Cord’s ordinary shares, effective September 23, 2022.