Gainey McKenna & Egleston Announces a Class Action Lawsuit Has Been Filed Against ForceField Energy Inc. -- FNRG
21 4월 2015 - 8:00AM
Gainey McKenna & Egleston announces that a class action lawsuit
has been filed in the United States District Court for the Southern
District of New York on behalf of all persons or entities that
purchased the securities of ForceField Energy Inc. (“ForceField” or
the “Company”) (Nasdaq:FNRG) during the period from September 16,
2013 through April 15, 2015 (the “Class Period”), alleging
violations of the Securities Exchange Act of 1934 against the
Company and certain of its officers (the “Complaint”).
ForceField purports to design, distribute, and
license alternative energy products and technologies in China and
the United States. ForceField is a distributor of light emitting
diode (“LED”) and other lighting products for a number of premier
LED lighting manufacturers.
The Complaint alleges that the Company failed to
disclose that members of its management team have substantial
connections to public companies that have been scrutinized for
fraudulent or illegal activity. When this information was
revealed on April 15, 2015, the price of the Company’s shares
declined by $2.97, to close at $4.74 per share on April 16, 2015.
Ultimately, the Company’s stock price fell below $3.15 by April 20,
2015.
According to the Complaint, Defendants falsely
stated and/or failed to disclose that: (1) articles issued by
independent authors touting the Company were in fact paid promoters
hired by the Company; (2) ForceField’s management reviewed these
so-called independent articles before publication; and (3) members
of ForceField’s management have disturbing histories with
fraudulent companies.
On April 20, 2015, a Bloomberg article
reported that Richard St-Julien (“St-Julien”), former chairman of
ForceField, “was arrested and had resigned as chairman.” St-Julien
“was charged with scheming to boost the company’s share price using
secret payments” to conspirators through a Belize-based firm.
ForceField’s stock was halted on April 20, 2015 and is currently
down nearly 60% from its close on April 14, 2015.
If you wish to serve as lead plaintiff, you must
move the Court no later than June 16 2015. A
lead plaintiff is a representative party acting on behalf of other
class members in directing the litigation. If you wish to
join the litigation, or to discuss your rights or interests
regarding this class action, please contact Thomas J. McKenna, Esq.
or Gregory M. Egleston, Esq. of Gainey McKenna & Egleston at
(212) 983-1300, or via e-mail at tjmckenna@gme-law.com or
gegleston@gme-law.com.
This press release may be considered Attorney
Advertising in some jurisdictions under the applicable law and
ethical rules.
ForceField Energy (CE) (USOTC:FNRG)
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ForceField Energy (CE) (USOTC:FNRG)
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부터 6월(6) 2023 으로 6월(6) 2024