SAN DIEGO and NEW YORK, April 22,
2015 /PRNewswire/ -- Shareholder rights law firm
Robbins Arroyo LLP announces that an investor of ForceField Energy
Inc. (NASDAQCM: FNRG) has filed a federal securities fraud class
action complaint in the U.S. District Court for the Southern
District of New York. The
complaint alleges that the company and certain of its officers and
directors violated the Securities Exchange Act of 1934 between
September 16, 2013 and April 15, 2015. ForceField through its
subsidiaries, designs, distributes, and licenses alternative energy
products and technologies in China
and the United States.
View this information on the law firm's Shareholder Rights
Blog:
www.robbinsarroyo.com/shareholders-rights-blog/forcefield-energy-inc
ForceField Misrepresents Its Business
Practices
According to the complaint, defendants made materially false and
misleading statements regarding the company's business and
operational compliance policies. Specifically, the complaint
alleges that ForceField management was aware of, and in fact
reviewed, articles written by paid stock promoters touting their
company and the value of their stock. These articles, which
were designed to prop up the share price and volume so that
companies could issue stock to raise money, failed to disclose the
authors had been compensated for their articles and the existing
relationship between the authors and ForceField. The
complaint further alleges that ForceField failed to disclose its
executives' prior relationships with fraudulent companies.
ForceField stock declined $2.97
per share, or approximately 39%, to close at $4.74 per share on April
16, 2015, following a Seeking Alpha article in which
the company's practices were revealed. On April 20, 2015, the company announced that its
chairman, Richard St. Julien, was
arrested and had resigned. Nasdaq has since halted trading of
ForceField stock.
ForceField Shareholders Have Legal Options
Concerned shareholders who would like more information about
their rights and potential remedies can contact attorney
Darnell R. Donahue at (800)
350-6003, DDonahue@robbinsarroyo.com, or via the shareholder
information form on the firm's website.
Robbins Arroyo LLP is a nationally recognized leader in
shareholder rights law. The firm represents individual and
institutional investors in shareholder derivative and securities
class action lawsuits, and has helped its clients realize more than
$1 billion of value for themselves
and the companies in which they have invested.
Attorney Advertising. Past results do not guarantee a
similar outcome.
Contact:
Darnell R. Donahue
Robbins Arroyo LLP
600 B Street, Suite 1900
San Diego, CA 92101
DDonahue@robbinsarroyo.com
(619) 525-3990 or Toll Free (800) 350-6003
www.robbinsarroyo.com
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SOURCE Robbins Arroyo LLP