SAN DIEGO and HENDERSON, Nev., Oct. 29, 2014 (GLOBE NEWSWIRE) -- Shareholder rights law firm Robbins Arroyo LLP announces that an investor of Blue Earth, Inc. (Nasdaq:BBLU) has filed a federal securities fraud class action complaint in the U.S. District Court for the Central District of California. The complaint alleges that the company and certain of its officers and directors violated the Securities Exchange Act of 1934 between October 7, 2013 and October 21, 2014. Blue Earth and its subsidiaries provide energy efficiency and alternative/renewable energy solutions for small and medium sized commercial and industrial facilities.
View this information on the law firm's Shareholder Rights Blog: www.robbinsarroyo.com/shareholders-rights-blog/blue-earth-inc
Blue Earth Is Accused of Questionable Business Practices
According to the complaint, shares of Blue Earth fell $1.29 per share, or 50% to close at $1.29 per share on October 21, 2014, following the publication of an article on SeekingAlpha.com, which alleged that the company's UltraPower Stealth Battery Backup System, used to power signalized traffic intersections during loss of utility power, is unviable and undoubtedly worthless. Further, the article also revealed that Blue Earth: (i) had two board members that had previously resided over other companies accused of fraud; (ii) hired multiple questionable stock promoters who had been involved in stock market wipeouts; and (iii) was suffering from multiple accounting red flags because its previous auditor had its license revoked and barred and its current auditor suffers from multiple PCAOB deficiencies.
Blue Earth Shareholders Have Legal Options
Concerned shareholders who would like more information about their rights and potential remedies can contact attorney Darnell R. Donahue at (800) 350-6003, DDonahue@robbinsarroyo.com, or via the shareholder information form on the firm's website.
Robbins Arroyo LLP is a nationally recognized leader in shareholder rights law. The firm represents individual and institutional investors in shareholder derivative and securities class action lawsuits, and has helped its clients realize more than $1 billion of value for themselves and the companies in which they have invested.
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