|Company:||ForceField Energy Inc.|
|Class Period:||Sep-16-13 to Apr-15-15|
|Lead Plaintiff Deadline:||Jun-15-15|
|Court:||Southern District of New York|
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' shares declined by $2.97, to close at $4.74 per share on April 16, 2015. Ultimately, the Company' stock price fell below $3.15 by April 20, 2015.
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' management reviewed these so-called independent articles before publication; and (3) members of ForceField' management have disturbing histories with fraudulent companies.
On April 20, 2015, a Bloomberg article reported that Richard St-Julien ("t-Julien"), former chairman of ForceField, "was arrested and had resigned as chairman."St-Julien "was charged with scheming to boost the company' share price using secret payments"to conspirators through a Belize-based firm. ForceField' stock was halted on April 20, 2015 and is currently down nearly 60% from its close on April 14, 2015.
If you acquired the securities of the defendants during the Class Period you may, no later than the Lead Plaintiff Deadline shown above, request that the Court appoint you as lead plaintiff through counsel of your choice. You may also choose to remain an absent class member. A lead plaintiff must meet certain requirements.