PHOT | AEGY | SKTO & Lawsuits. There are several l
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Posted On: 06/17/2014 3:30:13 PM
PHOT | AEGY | SKTO & Lawsuits. There are several legal firms vying to represent the "lead plaintiff" against PHOT in a class action on behalf of shareholders.
"A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation. Investors who purchased GrowLife common stock (PHOT) during the Class Period may move the Court to appoint them as lead plaintiff, no later than June 17, 2014 ."
This progress of this action re PHOT is instructive as it may serve as a guide to potential legal action on behalf of shareholders of SKTO and AEGY in legal proceedings leading to disgorgement and/or recovery of damages.
As reported, there are several firms vying to represent a lead plaintiff in the matter of PHOT. The largest and oldest of these is Berger & Montague.
Berger & Montague, P.C.
www.bergermontague.com
http://www.marketwatch.com/story/berger-monta...2014-05-30
"The Complaint alleges that, throughout the Class Period, defendants made false and misleading statements and/or failed to disclose that: (1) defendants had valued GrowLife shares issued to company insiders at far below then-current market prices, and concealed and underreported the actual value of such payments; (2) defendants had provided inaccurate and/or inadequate information in GrowLife's filings with the U.S. Securities and Exchange Commission (the 'SEC') about the stock-based compensation it paid to its current and former officers and directors; (3) defendants' improper valuations of stock-based compensation to insiders caused GrowLife's publicly reported financials to be materially misstated and in violation of Generally Accepted Accounting Principles; (4) defendants had engaged in manipulative transactions involving GrowLife common stock, including substantial insider stock sales immediately before the SEC suspending trading in the company's securities.
On April 10, 2014, the SEC temporarily halted trading of GrowLife securities, stating that "the Commission temporarily suspended trading in the securities of PHOT because of questions that have been raised about the accuracy and adequacy of information in the marketplace and potentially manipulative transactions in PHOT's common stock."
When trading of the Company's stock resumed on April 25, 2014, the price of GrowLife shares dropped $0.29 per share, or 58% from a previous closing price of $0.50 on April 9, 2014, to close at $0.21 per share on April 25, 2014, on extremely high trading volume."
Lieff Cabraser Heimann & Bernstein, LLP
www.lieffcabraser.com .
http://www.marketwatch.com/story/lieff-cabras...2014-05-01
Harwood Feffer LLP
http://www.reuters.com/article/2014/04/12/har...RN20140412
Levi & Korsinsky, LLP
www.lieffcabraser.com .
http://www.marketwatch.com/story/shareholder-...2014-04-23
The Rosen Law Firm, P.A.
www.rosenlegal.com .
http://www.marketwatch.com/story/equity-alert...2014-04-18
"A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation. Investors who purchased GrowLife common stock (PHOT) during the Class Period may move the Court to appoint them as lead plaintiff, no later than June 17, 2014 ."
This progress of this action re PHOT is instructive as it may serve as a guide to potential legal action on behalf of shareholders of SKTO and AEGY in legal proceedings leading to disgorgement and/or recovery of damages.
As reported, there are several firms vying to represent a lead plaintiff in the matter of PHOT. The largest and oldest of these is Berger & Montague.
Berger & Montague, P.C.
www.bergermontague.com
http://www.marketwatch.com/story/berger-monta...2014-05-30
"The Complaint alleges that, throughout the Class Period, defendants made false and misleading statements and/or failed to disclose that: (1) defendants had valued GrowLife shares issued to company insiders at far below then-current market prices, and concealed and underreported the actual value of such payments; (2) defendants had provided inaccurate and/or inadequate information in GrowLife's filings with the U.S. Securities and Exchange Commission (the 'SEC') about the stock-based compensation it paid to its current and former officers and directors; (3) defendants' improper valuations of stock-based compensation to insiders caused GrowLife's publicly reported financials to be materially misstated and in violation of Generally Accepted Accounting Principles; (4) defendants had engaged in manipulative transactions involving GrowLife common stock, including substantial insider stock sales immediately before the SEC suspending trading in the company's securities.
On April 10, 2014, the SEC temporarily halted trading of GrowLife securities, stating that "the Commission temporarily suspended trading in the securities of PHOT because of questions that have been raised about the accuracy and adequacy of information in the marketplace and potentially manipulative transactions in PHOT's common stock."
When trading of the Company's stock resumed on April 25, 2014, the price of GrowLife shares dropped $0.29 per share, or 58% from a previous closing price of $0.50 on April 9, 2014, to close at $0.21 per share on April 25, 2014, on extremely high trading volume."
Lieff Cabraser Heimann & Bernstein, LLP
www.lieffcabraser.com .
http://www.marketwatch.com/story/lieff-cabras...2014-05-01
Harwood Feffer LLP
http://www.reuters.com/article/2014/04/12/har...RN20140412
Levi & Korsinsky, LLP
www.lieffcabraser.com .
http://www.marketwatch.com/story/shareholder-...2014-04-23
The Rosen Law Firm, P.A.
www.rosenlegal.com .
http://www.marketwatch.com/story/equity-alert...2014-04-18
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