LOS ANGELES, Nov. 21, 2016 /PRNewswire/ -- Gustafson Nicolai pc, a Los Angeles-based law firm, filed suit on October 26, 2016 against Artec Global Media ("ARTEC") a public company that trades on the OTC market under the symbol ACTL. The Complaint, styled Brown v. ARTEC Global Media, Inc., et al., Case No. 3:16-cv-02651, filed in the United States District Court for the Southern District of California, alleges that ARTEC, its CEO Caleb Wickman, company director Stone Douglass, and stock promoters Walter Welsh and Nova Capital Advisors committed securities fraud and violated federal securities fraud statutes in connection with offerings for shares in ARTEC. Also named in the suit are Peterson Sullivan LLP, the company's auditor and Bart & Associates, a Colorado law firm. The plaintiff alleges that ARTEC was created for the sole purpose of defrauding investors and that ARTEC and other defendants offered, promoted, sold and gave professional opinions on ARTEC notwithstanding that ARTEC did not offer any services, did not have any clients, products, assets or viable business prospects or income. It is also alleged that Caleb Wickman and Stone Douglass authorized and/or made materially false statements in Securities and Exchange Commission filings ("SEC") on behalf of ARTEC.
The lawsuit was brought on behalf of an investor who purchased shares in the company based, in part, on the offering materials prepared by Messrs. Wickman and Douglass, and the misrepresentations made by Walter Welsh, Nova Capital Advisors and others named in the suit.