RADNOR, Pa., April 28, 2015 /PRNewswire/ -- The law firm of
Kessler Topaz Meltzer & Check, LLP announces that a shareholder
class action has been filed against ForceField Energy, Inc.
(Nasdaq: FNRG) ("ForceField" or the "Company") on behalf of
purchasers of the Company's common stock between September 16, 2013 and April 15, 2015, inclusive (the "Class
Period").
For additional information about this lawsuit, or to request
information about this action online, please visit
http://www.ktmc.com/case/ForceFieldEnergy.
ForceField shareholders who wish to discuss this action and
their legal options are encouraged to contact Kessler Topaz Meltzer
& Check (Darren J. Check, Esq.,
D. Seamus Kaskela, Esq. or
Adrienne O. Bell, Esq.) at (888)
299-7706 or via email at info@ktmc.com.
ForceField is a designer, distributor and licensee of
alternative energy products and solutions. The Company distributes
light emitting diode ("LED") commercial lighting and fixtures, and
also uses waste heat from manufacturing sources to provide clean
electricity.
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." On 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.
Then, 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 in part by making secret payments to conspirators
through a firm based in Belize." Trading in ForceField's stock
was halted on April 20, 2015, and the
stock is currently down nearly 60% from its closing price on
April 14, 2015.
The Complaint alleges that, during the Class Period, Forcefield
and certain of its executive officers made a series of materially
false and misleading statements regarding the Company's business,
operational and compliance policies. Specifically, the
Complaint alleges that the defendants made false and misleading
statements and/or failed to disclose that: (1) some of the reports
were issued by promoters, who were not independent authors, but
rather were paid by the Company to tout the Company and were
reviewed by ForceField's management before publication; and (2)
members of ForceField's management have been sued for fraudulently
misrepresenting companies with which they were involved, and for
engaging in unethical practices.
If you wish to discuss this action or have any questions
concerning this notice or your rights or interests with respect to
these matters, please contact Kessler Topaz Meltzer & Check
(Darren J. Check, Esq., D. Seamus Kaskela, Esq. or Adrienne O. Bell, Esq.) at (888) 299 – 7706 or
(610) 667 – 7706, or via e-mail at info@ktmc.com. The
complaint in this action was not filed by Kessler Topaz Meltzer
& Check. For additional information about the lawsuit, or
to request information about the action, please visit
http://www.ktmc.com/case/ForceFieldEnergy.
Members of the class may, no later than June 16, 2015, petition the Court for
appointment as a lead plaintiff of the class. A lead
plaintiff is a representative party who acts on behalf of other
class members in directing the litigation. In order to be
appointed as a lead plaintiff, the Court must determine that the
class member's claim is typical of the claims of other class
members, and that the class member will adequately represent the
class in the action. Your ability to share in any recovery is
not affected by the decision of whether or not to serve as a lead
plaintiff. 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.
Kessler Topaz Meltzer & Check prosecutes class actions in
state and federal courts throughout the country. Kessler
Topaz Meltzer & Check is a driving force behind corporate
governance reform, and has recovered billions of dollars on behalf
of institutional and individual investors from the United States and around the world.
The firm represents investors, consumers and whistleblowers
(private citizens who report fraudulent practices against the
government and share in the recovery of government dollars).
For more information about Kessler Topaz Meltzer & Check, or
for additional information about participating in this action,
please visit www.ktmc.com.
CONTACT:
Kessler Topaz Meltzer & Check, LLP
Darren J. Check, Esq.
D. Seamus Kaskela, Esq.
Adrienne O. Bell, Esq.
280 King of Prussia Road
Radnor, PA 19087
(888) 299 - 7706
(610) 667 - 7706
info@ktmc.com
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SOURCE Kessler Topaz Meltzer & Check, LLP