The Law Offices of Frank R. Cruz Announces Investigation of Global Cord Blood Corporation (CORBF) on Behalf of Investors

By: The Law Offices of Frank R. Cruz via Business Wire

April 29, 2024 at 18:17 PM EDT

The Law Offices of Frank R. Cruz announces an investigation of Global Cord Blood Corporation (“Global Cord” or the “Company”) (OTC: CORBF) on behalf of investors concerning the Company’s possible violations of federal securities laws.

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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.

On June 23, 2023, Global Cord was removed from the NYSE by the SEC.

If you purchased Global Cord securities, have information or would like to learn more about these claims, or have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Frank R. Cruz, of The Law Offices of Frank R. Cruz, 2121 Avenue of the Stars, Suite 800, Century City, California 90067 at 310-914-5007, by email to info@frankcruzlaw.com, or visit our website at www.frankcruzlaw.com. If you inquire by email please include your mailing address, telephone number, and number of shares purchased.

This press release may be considered Attorney Advertising in some jurisdictions under the applicable law and ethical rules.

View source version on businesswire.com: https://www.businesswire.com/news/home/20240429074495/en/

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The Law Offices of Frank R. Cruz, Los Angeles

Frank R. Cruz, 310-914-5007

fcruz@frankcruzlaw.com

www.frankcruzlaw.com

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The Law Offices of Frank R. Cruz Announces Investigation of Global Cord Blood Corporation (CORBF) on Behalf of Investors

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