SAN DIEGO, May 29, 2013 /PRNewswire/ -- Yesterday,
Waleed Ashari, a private citizen and
private shareholder of Xumanii™ stocks (OTCQB: XUII), launched a
Class Action lawsuit against George
Sharp for illegal market manipulation based on false and
misleading statements Sharp made about XUII. The law firm of
LKP Global Law, LLP filed the Class Action Complaint on behalf of
Mr. Ashari.
As alleged in the Class Action Complaint, filed yesterday in the
San Diego County Superior Court, Case No.
37-2013-00050405-CU-SL-CTL, Sharp owns and/or otherwise controls
the online website www.pumpsanddumps.com, which purports to
maintain a so-called "Pumps and Dumps Watch List" on which
Sharp claims to identify publicly traded companies engaging in the
practice of "pumping and dumping" of penny stocks. The Class
Action Complaint further alleges that Sharp maintains Twitter™
accounts under the screen names @PUMPSandDUMPS and
@Goniffs to further disseminate information on companies
listed on Sharp's so-called "Pumps and Dumps Watch
List."
The Class Action Complaint also alleges that on or about
May 1, 2013, after XUII stock began
trading, Sharp listed XUII on his "Pumps and Dumps Watch
List" without basis for doing so and "falsely claimed that XUII
was engaged in an illegal pump and dump scheme through the
dissemination of misinformation or misrepresentations." The
Class Action Complaint further alleges that Sharp did so "in order
to trigger the sale of XUII stock by its shareholders to drive down
the share price" so that "he and/or related third-parties presently
unknown to Plaintiff could, and did, profit from shorting XUII
stock." The Class Action Complaint seeks Compensatory
Damages, Pre- and Post-Judgment Interest, Attorney's Fees and Costs
of Suit against Sharp.
In his most recent press release concerning the "potential"
class action lawsuit against him, Sharp contends that "It appears
that LKP Global Law is in the habit of providing aid and comfort to
penny stock companies with dubious characteristics." Sharp
references two prior lawsuits against him in which LKP Global Law
represented Forex International Trading Corp and Eco-Trade
Corporation. In the Forex International lawsuit, Sharp boasts that
he was awarded attorney's fees following a successful Anti-SLAPP
motion against Forex International. Sharp, however, fails to
clarify that LKP Global Law no longer represented Forex
International in the lawsuit at that time.
In the second lawsuit, LKP Global Law successfully defended its
client, Eco-Trade, against a lawsuit filed by Sharp and obtained a
monetary judgment of $11,000 against
Sharp for breach of settlement agreement between the parties.
Judgment was entered on July 28,
2011. Sharp's recent press release implies that LKP Global
Law represented Eco-Trade when it was recently suspended from
trading by FINRA. This, however, is an inaccurate statement
by Sharp, according to Luan K. Phan,
Managing Member of Litigation at LKP Global Law. According to
Mr. Phan, LKP Global Law only represented Eco-Trade in the lawsuit
against Sharp and did not represent Eco-Trade in any corporate
matters.
SOURCE LKP Global Law, LLP