Bermuda investment firm, Crede CG III Ltd, brings Court proceedings in New York

In CREDE CG III, LTD. v. 22nd CENTURY GROUP, INC., a case pending before the United States District Court in New York, the Plaintiff, Crede CG III, LTD. (“Crede” or “Plaintiff”), a Bermuda investment firm targeting companies with small market capitalizations, has brought an action against 22nd Century Group, Inc. (“XXII” or “Defendant”), a plant biotechnology company, claiming breaches of and interference with the parties’ contractual obligations concerning a joint venture in the People’s Republic of China.

In brief, the Plaintiff contends that the Defendant failed to fulfill the most basic tasks necessary to the joint venture’s success, while the Defendant responds that the venture failed because the Plaintiff’s principal overstated his connections, his experience, and even his abilities in order to induce Defendant to enter into the agreement.

The Defendant successfully persuaded the Court for the Southern District of New York to sever Counts I, VI, and VII of the Plaintiff’s Amended Complaint (the “Complaint”) on the grounds of improper venue, and to transfer them to the United States District Court for the Western District of New York. The case continues…

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