NEW YORK, Sept. 29, 2014 (GLOBE NEWSWIRE) -- The Rosen Law Firm announces today that a class action lawsuit has been filed on behalf of all purchasers of the securities of Altair Nanotechnologies Inc. (OTC:ALTI) between May 15, 2013 and September 4, 2014, inclusive, seeking to recover funds for investors under the federal securities laws.
To join the Altair Nanotechnologies class action, go to the website at http://rosenlegal.com/cases-378.html or call Phillip Kim, Esq. or Kevin Chan, Esq. toll-free at 866-767-3653 or email pkim@rosenlegal.com or kchan@rosenlegal.com for information on the class action.
NO CLASS HAS YET BEEN CERTIFIED IN THE ABOVE ACTION. UNTIL A CLASS IS CERTIFIED, YOU ARE NOT REPRESENTED BY COUNSEL UNLESS YOU RETAIN ONE. YOU MAY ALSO REMAIN AN ABSENT CLASS MEMBER AND DO NOTHING AT THIS POINT. YOU MAY RETAIN COUNSEL OF YOUR CHOICE.
According to the lawsuit, Altair misstated and/or failed to disclose that it (1) was experiencing significant turnover in its executive management and accounting department in 2013; (2) did not implement adequate procedures and controls over its 2013 year-end financial close and reporting process to ensure timely filings; (3) did not implement adequate procedures and controls to ensure accurate and timely communication with its subsidiaries in China; and (4) did not implement adequate procedures and controls to ensure the completeness and accuracy of its consolidated financial statements and related subsequent events.
On September 4, 2014, the Company announced that its independent auditor resigned. On this news, Altair's shares were halted on September 4, 2014 at $4.30 per share. The stock resumed trading on September 24, 2014, and as a result of this news, immediately fell $3.35 per share from the halted price of $4.30 to close at $0.95.
A class action lawsuit has already been filed. If you wish to serve as lead plaintiff, you must move the Court no later than November 25, 2014. If you wish to join the litigation go to http://rosenlegal.com/cases-378.html or to discuss your rights or interests regarding this class action, please contact, Phillip Kim, Esq. or Kevin Chan, Esq. of The Rosen Law Firm toll free at 866-767-3653 or via e-mail at pkim@rosenlegal.com or kchan@rosenlegal.com.
The Rosen Law Firm focuses on prosecuting securities class action litigation and actions involving financial fraud. The Rosen Law Firm represents investors throughout the globe.