NEW YORK, Apr. 24, 2015 (GLOBE NEWSWIRE) -- Wolf Haldenstein Adler Freeman & Herz LLP announces that a federal securities class action has been filed in the United States District Court for the Southern District of New York on behalf of all persons or entities that purchased the common stock of ForceField Energy Inc. ("ForceField" or the "Company") (Nasdaq:FNRG) between September 16, 2013 and April 15, 2015, inclusive (the "Class Period").
ForceField purports to design, distribute and license alternative energy products and technologies in China and the United States. ForceField is a distributor of light emitting diode ("LED") and other lighting products for a number of premier LED lighting manufacturers.
The Complaint alleges that the Company failed to disclose that members of its management team have substantial connections to public companies that have been scrutinized for fraudulent or illegal activity. When this information was revealed on April 15, 2015, the price of the Company's shares declined by $2.97, to close at $4.74 per share on April 16, 2015. Ultimately, the Company's stock price fell below $3.15 by April 20, 2015, prior to a trading halt.
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 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's stock was halted on April 20, 2015 and at its last reported trade of $3.11, is currently down nearly 60% from its close on April 14, 2015.
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.
Wolf Haldenstein has extensive experience in the prosecution of securities class actions and derivative litigation in state and federal trial and appellate courts across the country. The firm has over 70 attorneys in various practice areas; and offices in New York, Chicago and San Diego. The reputation and expertise of this firm in shareholder and other class litigation has been repeatedly recognized by the courts, which have appointed it to major positions in complex securities multi-district and consolidated litigation.
If you wish to discuss this action or have any questions regarding your rights and interests in this case, please immediately contact Wolf Haldenstein Adler Freeman & Herz LLP by telephone at (800) 575-0735, via e-mail at classmember@whafh.com, or visit our website at www.whafh.com. All e-mail correspondence should make reference to the “ForceField Investigation.”
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