NEW YORK, April 29, 2015 (GLOBE NEWSWIRE) -- Morgan & Morgan announces that a class action lawsuit has been filed in the United States District Court for the Southern District of New York on behalf of purchasers of ForceField Energy Inc. ("ForceField" or the "Company") (Nasdaq: FNRG ) securities between September 16, 2013 through April 15, 2015 (the "Class Period"). The complaint alleges that the Company and certain of its officers and/or directors violated Sections 10(b) and 20(a) of the Securities Exchange Act of 1934.
If you purchased ForceField securities during the Class Period, you may, no later than June 16, 2015 , request that the Court appoint you lead plaintiff of the proposed class. A lead plaintiff is a representative party that acts on behalf of all class members in directing the litigation. Any member of the purported class may move the Court to serve as lead plaintiff through counsel of their choice, or may choose to do nothing and remain an absent class member.
If you want more information about the ForceField Securities Class Action , contact Morgan & Morgan at 1(800) 732-5200 or email info@morgansecuritieslaw.com
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 prior histories of involvement with fraudulent companies.
On April 15, 2015, a Seeking Alpha article stated that "ForceField Energy is a stock promotion pure and simple" and that "[t]he company has been engaging paid promoters to issue a series of upbeat reports on its prospects which has successfully powered the stock higher." In addition, the article stated that ForceField's "[m]anagement has a troubling history of involvement with fraudulent companies, misleading investors and the ability to shift money around in international locations such as Costa Rica, where ForceField continues to maintain the bulk of its operations." Following this news, shares of ForceField's stock fell over 21%, to close on April 15, 2015 at $6.05 per share. The Company's shares continued to trade lower in the days following the release of this news.
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 stock was halted on April 20, 2015 and is currently down nearly 60% from its close on April 14, 2015.
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