NEW YORK, Oct. 10, 2007 (PRIME NEWSWIRE) -- The Rosen Law Firm today announced that it has commenced an investigation into allegations that Atlas Mining Company ("Atlas" or the "Company") (OTCBB:ALMI) violated the federal securities laws by issuing financial statements that were false and misleading.
On October 9, 2007, the Company announced that it would have to restate its financial statements for each of the reporting periods from 2004 through the current fiscal quarter as a result of improper revenue recognition practices and other violations of generally accepted accounting principles. In addition, Atlas announced it was suspending all activities at its Dragon Mine pending a review. These announcements caused Atlas' stock price to immediately drop by half -- causing investors substantial losses.
As a result of these allegations, the Rosen Law Firm is preparing a class action lawsuit on behalf of investors who purchased Atlas stock during the period from March 31, 2005 through and including October 9, 2007.
You may access the website at http://www.rosenlegal.com to participate in the proposed class action.
If you purchased Atlas stock and would like further information concerning your legal rights, please contact Laurence Rosen, Esq. or Phillip Kim, Esq. toll-free at 866-767-3653 or email lrosen@rosenlegal.com or pkim@rosenlegal.com or visit the website at www.rosenlegal.com
The Rosen Law Firm has expertise in prosecuting investor securities litigation and extensive experience in actions involving financial fraud. The Rosen Law Firm represents investors throughout the nation, concentrating its practice in securities class actions.