Raser Technologies, Inc. Afflicted With Injurious Naked Short Selling Attacks

NEW YORK, May 1, 2012 /PRNewswire/ -- The law firms of Christian Smith & Jewell ("CSJ") and Robinson Brog Leinwand Greene Genovese & Gluck P.C. ("RB") announced today that on Friday, April 20, 2012 they filed a lawsuit in Fulton County State Court of Georgia, on behalf of Raser Technologies, Inc. ("Raser") and its former shareholders against Morgan Stanley & Co., LLC; Goldman Sachs & Co. LP; Merrill Lynch; Pierce, Fenner & Smith, Inc.; and UBS Securities, LLC.  The suit alleges an illegal scheme of naked short selling and lending of the Raser common stock, for the economic benefit of the Defendants and their clients.  Naked short selling is selling stock in a public company that the seller does not and never intends to own, and never delivers to the buyer. Lead Attorney Wes Christian of CSJ stated "these alleged actions by Defendants are similar to a prior action that CSJ pursued in Georgia State Court involving the stock of Taser International, Inc. which settled last year with some of the same Defendants."  Mr. Christian further stated that, "the allegations in the complaint are also similar to complaints by FINRA, the SEC and other regulatory bodies where Defendants (and other prime brokers) have paid millions of dollars in fines for similar alleged conduct, some possibly involving the stock of Raser."

Alan Pollack of RB stated, "Defendants conduct occurred within the context of a pattern of naked short selling that is a form of stock manipulation.  This unlawful stock manipulation must be stopped to preserve the integrity of our financial markets and provide an honest environment in which public companies can flourish or fail on their own, without the unlawful interference of naked short sellers." Wes Christian added: "For nearly a decade, I have been litigating cases involving abusive short selling and other forms of stock fraud and manipulation.  This is a campaign, not a case.  For our nation to succeed economically, it's imperative that our markets be trusted around the globe.  We imperil our economic future if we are not vigilant in keeping the playing field level."

Available Topic Expert: For information on the listed expert, click appropriate link.
James Wes Christian
https://profnet.prnewswire.com/Subscriber/ExpertProfile.aspx?ei=78029

SOURCE Christian Smith & Jewell