SHAREHOLDER ALERT: Pomerantz Law Firm Announces the Filing of a Class Action against ForceField Energy Inc. and Certain Off...
April 21 2015 - 6:02PM
Pomerantz LLP has filed a class action lawsuit against ForceField
Energy Inc. (“ForceField” or the “Company”) (Nasdaq:FNRG) and
certain of its officers. The class action, filed in
United States District Court, Southern District of New York, and
docketed under 15-cv-3141, is on behalf of a class consisting of
all persons or entities who purchased ForceField securities between
October 16, 2013 and April 15, 2015, inclusive (the “Class
Period”). This class action seeks to recover damages against
Defendants for alleged violations of the federal securities laws
under the Securities Exchange Act of 1934 (the “Exchange
Act”).
If you are a shareholder who purchased
ForceField securities during the Class Period, you have until June
16, 2015 to ask the Court to appoint you as Lead Plaintiff for the
class. A copy of the Complaint can be obtained at
www.pomerantzlaw.com. To discuss this action, contact Robert
S. Willoughby at rswilloughby@pomlaw.com or 888.476.6529 (or
888.4-POMLAW), toll free, x237. Those who inquire by e-mail are
encouraged to include their mailing address, telephone number, and
number of shares purchased.
ForceField is a designer, distributor and
licensee of alternative energy products and solutions. The Company
distributes light emitting diode (“LED”) commercial lighting and
fixtures. It also uses waste heat from manufacturing source to
provide clean electricity.
The Complaint alleges that throughout the Class
Period, Defendants made materially false and misleading statements
regarding the Company's business and operational and compliance
policies. Specifically, Defendants made false and/or misleading
statements and/or failed to disclose that: (1) some of the reports
issued by promoters paid by the Company pretended to be independent
authors, did not disclose their compensation, and the content of
the reports were reviewed by ForceField's management prior to
publication; (2) members of its management have a troubling history
with fraudulent companies; and (3) as a result of the foregoing,
ForceField’s public statements were materially false and misleading
at all relevant times.
On March 20, 2014, Fortune.com published the
article, At financial news sites, stock promoters make inroads. The
article discussed the role of stock promoters, specifically the
DreamTeamGroup, and how stock promoter's must reveal compensation
for these types of articles.
As a result of this partial disclosure, shares
of ForceField fell $0.53 per share or almost 9% over the next two
days to close at $5.65 per share on March 21, 2014.
On April 15, 2015, SeekingAlpha.com published an
article entitled, Forcefield Energy: Undisclosed Promotions And
Management Connections to Past Fraud, which further revealed
Defendants' undisclosed promotion and control and knowledge over
DreamTeamGroup activities. The Seeking Alpha article also disclosed
the unscrupulous backgrounds of the Individual Defendants that they
were required, but failed to, disclose in the Company's SEC
filings.
This adverse information caused the price of
ForceField stock to tumble $2.97 per share, or approximately 39%,
over the next two days to close at $4.74 per share on April 16,
2015.
The Pomerantz Firm, with offices in New York,
Chicago, Florida, and San Diego, is acknowledged as one of the
premier firms in the areas of corporate, securities, and antitrust
class litigation. Founded by the late Abraham L. Pomerantz, known
as the dean of the class action bar, the Pomerantz Firm pioneered
the field of securities class actions. Today, more than 70 years
later, the Pomerantz Firm continues in the tradition he
established, fighting for the rights of the victims of securities
fraud, breaches of fiduciary duty, and corporate misconduct. The
Firm has recovered numerous multimillion-dollar damages awards on
behalf of class members. See www.pomerantzlaw.com.
CONTACT:
Robert S. Willoughby
Pomerantz LLP
rswilloughby@pomlaw.com
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