SAN DIEGO, Oct. 10, 2013 /PRNewswire/ -- On September 25, 2013, Krause, Kalfayan, Benink & Slavens, LLP filed a securities fraud class action lawsuit in the United States District Court for the Southern District of California on behalf of a Class of persons who purchased the common stock of Valley Forge Composite Technologies, Inc. (Ticker Symbol: VLYF) on the Over-The-Counter Bulletin Board ("OTCBB") stock exchange during the period of January 1, 2009 to and including February 6, 2013.
The complaint alleges that Defendants manipulated the market price of Valley Forge's common stock by falsely representing and/or omitting material information regarding the nature of its products and sales revenues. Specifically the Complaint alleges that Defendants falsely represented that all or nearly all of Valley Forge's revenues since 2009 were derived from the sale of aerospace products called momentum wheels. In reality, Valley Forge's revenues were derived primarily from the alleged illegal export of semiconductors to Hong Kong. On February 6, 2013, Valley Forge publicly revealed allegations by the U.S. Attorney's Office that it had exported more than $37 million worth of military semiconductors to Hong Kong since about 2009 in violation of the International Traffic In Arms Regulations. It also reported that the U.S. Attorney's Office had seized Valley Forge's bank accounts. Its stock price immediately plummeted in value.
Plaintiff seeks to recover damages on behalf of investors who bought VLYF on the OTCBB during the Class Period of January 1, 2009 to and including February 6, 2013. Plaintiff is represented by the law firm of Krause, Kalfayan, Benink & Slavens, LLP of San Diego, CA. Krause, Kalfayan, Benink & Slavens, LLP has many years of experience representing defrauded investors in shareholder class actions.
If you are a member of the Class described above, and if you meet certain other legal requirements, you may, not later than 60 days after the date that this notice is published move the Court to serve as a lead plaintiff. If you wish to discuss this action or have any questions concerning this notice or your rights or interests, you may contact Vincent D. Slavens, Esq. with Krause, Kalfayan, Benink & Slavens, LLP, at 619-232-0331 or by e-mail at firstname.lastname@example.org. If you wish to learn more about Krause, Kalfayan, Benink & Slavens, LLP, please visit their Web page at http://www.kkbs-law.com.
SOURCE Krause, Kalfayan, Benink & Slavens, LLP