WAYNE, Pa., April 21, 2015 /PRNewswire/ -- Ryan & Maniskas, LLP that a class action lawsuit has been filed in United States District Court for the Southern District of New York on behalf of all persons or entities that purchased the common stock of ForceField Energy Inc. ("ForceField" or the "Company") (NASDAQ: FNRG) between September 16, 2013 and April 15, 2015, (inclusive (the "Class Period").
ForceField shareholders may, no later than June 16, 2015, move the Court for appointment as a lead plaintiff of the Class. If you purchased shares of ForceField and would like to learn more about these claims or if you wish to discuss these matters and have any questions concerning this announcement or your rights, contact Richard A. Maniskas, Esquire toll-free at (877) 316-3218 or to sign up online, visit: www.rmclasslaw.com/cases/fnrg.
ForceField purports to design, distribute, and license alternative energy products and technologies in China and the United States. ForceField is a distributor of light emitting diode ("LED") and other lighting products for a number of premier LED lighting manufacturers.
The Complaint alleges that the Company failed to disclose that members of its management team have substantial connections to public companies that have been scrutinized for fraudulent or illegal activity. When this information was revealed on April 15, 2015, the price of the Company's shares declined by $2.97, to close at $4.74 per share on April 16, 2015. Ultimately, the Company's stock price fell below $3.15 by April 20, 2015.
According to the Complaint, Defendants falsely stated and/or failed to disclose that: (1) articles issued by independent authors touting the Company were in fact paid promoters hired by the Company; (2) ForceField's management reviewed these so-called independent articles before publication; and (3) members of ForceField's management have disturbing histories with fraudulent companies.
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 using secret payments" to conspirators through a Belize-based firm. ForceField's stock was halted on April 20, 2015 and is currently down nearly 60% from its close on April 14, 2015.
If you are a member of the class, you may, no later than June 16, 2015, request that the Court appoint you as lead plaintiff of the class. A lead plaintiff is a representative party that acts on behalf of other class members in directing the litigation. In order to be appointed 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. Under certain circumstances, one or more class members may together serve as "lead plaintiff." Your ability to share in any recovery is not, however, affected by the decision whether or not to serve as a lead plaintiff. You may retain Ryan & Maniskas, LLP or other counsel of your choice, to serve as your counsel in this action.
For more information regarding this, please contact Ryan & Maniskas, LLP (Richard A. Maniskas, Esquire) toll-free at (877) 316-3218 or by email at [email protected] or visit: www.rmclasslaw.com/cases/fnrg. For more information about class action cases in general or to learn more about Ryan & Maniskas, LLP, please visit our website: www.rmclasslaw.com.
Ryan & Maniskas, LLP is a national shareholder litigation firm. Ryan & Maniskas, LLP is devoted to protecting the interests of individual and institutional investors in shareholder actions in state and federal courts nationwide.
SOURCE Ryan & Maniskas, LLP