HOUSTON, Dec. 22, 2010 /PRNewswire/ -- On 12/20/2010 attorneys for the Plaintiff, Inspar, filed a complaint and request for temporary injunction against Planet in U.S. District Court. This action alleges violations of the Securities Exchange Act of 1934, particularly violations of both, e.g., 15 U.S.C. section 78j and violations of Rule 10b-5 (17 C.F.R. section 240-10b-5)
This action additionally alleges acts including, but not limited to, a fraudulent scheme of misstatements and omissions to the investing public and the Plaintiffs regarding the viability of Planet, along with unregistered non-exempt offerings of security, mail and wire fraud, stock manipulation and potentially illegal payments to investor relations persons.
In addition to the aforesaid action, multiple complaints against Planet have been filed with the U.S. Department of Labor and the Texas Workforce Commission. Additionally, Inspar will seek all other legal remedies available.
For complaint document review, please follow link below:
SOURCE Inspar Field Services LLC