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 [email protected].
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 [email protected]. 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.
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
SOURCE Kessler Topaz Meltzer & Check, LLP