NEW YORK, Feb. 17, 2017 /PRNewswire/ -- Lifshitz & Miller, a securities class action law firm focused on representing shareholders nationwide, announces that on February 17 2017, Lifshitz & Miller filed a securities class action lawsuit on behalf of shareholders who purchased shares of FusionPharm, Inc. (FSPM) ("FusionPharm" or the "Company") between March 31, 2012 and September 16, 2016 (the "Class Period"). The lawsuit was filed in the U.S. District Court for the District of Colorado and alleges violations of the Securities Exchange Act of 1934.
A copy of the complaint is available from the Court or from Lifshitz & Miller. If you are a FusionPharm investor, and would like additional information about our investigation and complaint, please complete the Information Request Form or contact Joshua Lifshitz, Esq. by telephone at (516) 493-9780 or e-mail at firstname.lastname@example.org.
NO CLASS HAS YET BEEN CERTIFIED IN THE ABOVE ACTION. UNTIL A CLASS IS CERTIFIED, YOU ARE NOT REPRESENTED BY COUNSEL UNLESS YOU RETAIN ONE. YOU MAY ALSO REMAIN AN ABSENT CLASS MEMBER AND DO NOTHING AT THIS POINT. YOU MAY RETAIN COUNSEL OF YOUR CHOICE.
The Complaint alleges that defendants caused the Company to issue materially misleading statements and/or omit material information concerning the Company's business, operations and prospects in violation of Sections 10(b) and 20(a) of the Securities Exchange Act of 1934. In particular, the Complaint alleges that defendants caused the Company to issue materially misleading representations and/or omit material information regarding the Company's purported revenues and sales of its PharmPods during the Class Period. On September 16, 2016, the SEC instituted cease-and-desist proceeding against Scott Dittman, FusionPharm's CEO, William J. Sears ("Sears"), and several entities owned and/or controlled by Sears in connection with a fraudulent stock selling scheme. According to the cease-and-desist orders, Sears and Dittman caused FusionPharm to transfer convertible notes to entities owned by Sears in exchange for fake "debt." The convertible notes were then fraudulently exchanged for FusionPharm common stock, which the Sears'-owned entities sold to the investing public, with significant portions of the proceeds round-tripped back to the Company and reported as revenue from the sale of PharmPods, artificially inflating the Company's stock price.
Investors have until 60 days from today to file a motion, with the court, for appointment as a lead plaintiff in this lawsuit.
Lifshitz & Miller has extensive experience representing investors in the prosecution of securities class actions and shareholder derivative litigation in state and federal courts across the country.
ATTORNEY ADVERTISING. © 2017 Lifshitz & Miller LLP. The law firm responsible for this advertisement is Lifshitz & Miller LLP, 821 Franklin Avenue, Suite 209, Garden City, New York 11530, Tel: (516) 493-9780. Prior results do not guarantee or predict a similar outcome with respect to any future matter.
Joshua M. Lifshitz, Esq.
Lifshitz & Miller LLP
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SOURCE Lifshitz & Miller Law Firm