Morgan & Morgan Announces That a Class Action Lawsuit Has Been Filed Against ForceField Energy Inc. -- FNRG
30 4월 2015 - 12:55AM
Morgan & Morgan 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 purchasers of ForceField Energy Inc.
("ForceField" or the "Company") (Nasdaq:FNRG) securities between
September 16, 2013 through April 15, 2015 (the "Class Period"). The
complaint alleges that the Company and certain of its officers
and/or directors violated Sections 10(b) and 20(a) of the
Securities Exchange Act of 1934.
If you purchased ForceField securities during the Class Period,
you may, no later than June 16, 2015, request that
the Court appoint you lead plaintiff of the proposed class. A lead
plaintiff is a representative party that acts on behalf of all
class members in directing the litigation. Any member of the
purported class may move the Court to serve as lead plaintiff
through counsel of their choice, or may choose to do nothing and
remain an absent class member.
If you want more information about the ForceField Securities
Class Action, contact Morgan & Morgan at 1(800) 732-5200 or
email info@morgansecuritieslaw.com
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 prior histories of involvement with
fraudulent companies.
On April 15, 2015, a Seeking Alpha article stated that
"ForceField Energy is a stock promotion pure and simple" and that
"[t]he company has been engaging paid promoters to issue a series
of upbeat reports on its prospects which has successfully powered
the stock higher." In addition, the article stated that
ForceField's "[m]anagement has a troubling history of involvement
with fraudulent companies, misleading investors and the ability to
shift money around in international locations such as Costa Rica,
where ForceField continues to maintain the bulk of its
operations." Following this news, shares of ForceField's stock
fell over 21%, to close on April 15, 2015 at $6.05 per
share. The Company's shares continued to trade lower in the
days following the release of this news.
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 stock was halted on April 20, 2015 and is currently
down nearly 60% from its close on April 14, 2015.
About Morgan & Morgan
Morgan & Morgan is one of the nation's largest 200 law
firms. In addition to shareholder rights, the firm also
practices in the areas of antitrust, personal injury, consumer
protection, overtime, and product liability. All of the Firm's
legal endeavors are rooted in its core mission: provide investor
and consumer protection and always fight "for the people."
Attorney advertising. Prior results do not guarantee a
similar outcome.
CONTACT: Morgan & Morgan
Peter Safirstein, Esq.
28 West 44th Street
Suite 2001
New York, NY 10036
1-800-732-5200
info@morgansecuritieslaw.com
ForceField Energy (CE) (USOTC:FNRG)
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ForceField Energy (CE) (USOTC:FNRG)
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