NEW YORK, Nov. 9, 2007 (PRIME NEWSWIRE) -- The Rosen Law Firm today announced that it has commenced an investigation into allegations that Industrial Enterprises of America, Inc. ("IEAM" or the "Company") (Nasdaq:IEAM) (formerly (OTCBB:IEAM)) violated the federal securities laws by issuing materially false and misleading statements pertaining to the Company's business prospects, financial condition, and financial performance.
On November 7, 2007 the Company announced that certain historical financial statements could no longer be relied upon and that the Company had not properly followed generally accepted accounting principles. The Company also announced that it had suspended its CFO pending a review.
As a result of these allegations, the Rosen Law Firm is preparing a class action lawsuit on behalf of investors who purchased IEAM securities during the period from November 14, 2006 through November 8, 2007.
You may access the website at http://www.rosenlegal.com to participate in the proposed class action.
If you purchased IEAM stock and would like further information concerning your legal rights, please contact Laurence Rosen, Esq. or Phillip Kim, Esq. of The Rosen Law Firm toll free at 866-767-3653 or via e-mail at lrosen@rosenlegal.com or pkim@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.