IMPORTANT ANNOUNCEMENT: Wolf Haldenstein Adler Freeman & Herz LLP Announces That a Federal Securities Class Action Has Been F...
April 24 2015 - 9:05PM
Wolf Haldenstein Adler Freeman & Herz LLP announces that a
federal securities class action 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 common stock of
ForceField Energy Inc. ("ForceField" or the "Company")
(Nasdaq:FNRG) between September 16, 2013 and April 15, 2015,
inclusive (the "Class Period").
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, prior to a trading
halt.
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 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 at its last
reported trade of $3.11, is currently down nearly 60% from its
close on April 14, 2015.
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.
Wolf Haldenstein has extensive experience in the
prosecution of securities class actions and derivative litigation
in state and federal trial and appellate courts across the
country. The firm has over 70 attorneys in various practice
areas; and offices in New York, Chicago and San Diego. The
reputation and expertise of this firm in shareholder and other
class litigation has been repeatedly recognized by the courts,
which have appointed it to major positions in complex securities
multi-district and consolidated litigation.
If you wish to discuss this action or have any
questions regarding your rights and interests in this case, please
immediately contact Wolf Haldenstein Adler Freeman & Herz LLP
by telephone at (800) 575-0735, via e-mail at
classmember@whafh.com, or visit our website at www.whafh.com.
All e-mail correspondence should make reference to the “ForceField
Investigation.”
Attorney Advertising. Prior results do not guarantee or predict
a similar outcome.
Wolf Haldenstein Adler Freeman & Herz LLP
Patrick Donovan, Esq.
Gregory Stone, Director of Case and Financial Analysis
Email: gstone@whafh.com, donovan@whafh.com or classmember@whafh.com
Tel: (800) 575-0735 or (212) 545-4774
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