|Company:||Uranium Energy Corp|
|Class Period:||Oct-14-14 to Jun-17-15|
|Lead Plaintiff Deadline:||Aug-29-15|
|Court:||Southern District of Texas|
Uranium Energy engages in the exploration, extraction, and processing of uranium concentrates on projects located in the United States and the Republic of Paraguay. As of July 31, 2014, it had mineral rights in uranium projects located in the states of Arizona, Colorado, New Mexico, Texas, and Wyoming, as well as in the Republic of Paraguay.
The Complaint alleges throughout the Class Period, defendants made materially false and misleading statements regarding the Company' business, operational and compliance policies. Specifically, defendants made false and/or misleading statements and/or failed to disclose that: (1) Uranium Energy stock achieved an unsustainable valuation by using paid stock promoters, yet failed to disclose the use of such promoters in its regulatory filings pursuant to Section 17(b) of the Securities Act of 1933; and (2) as a result of the foregoing, Uranium Energy' public statements were materially false and misleading at all relevant times.
On June 18, 2015, an article published by TheStreetSweeper.org reported that Uranium Energy was using undisclosed paid stock promotors to increase the value of Uranium Energy shares. According to a report by hotstocked.com, quoted in the article above, Uranium Energy has caused to be published at least eight separate stock promotions, for which the Company, or third parties controlled by the Company, paid over $200,000. Some of the stock promotion campaigns, from promotors named "LightningStockPicks,""Micro Stock Profit,""InvestorSoup.com,""The Penny Stocks Finder,""tock Preacher,"and "Future Money Trends"include headlines such as "Chart Is Glowing Green! (UEC) #1 NYSE Play Today,""UEC Just Hit Critical Mass,"and "(UEC) #1 NYSE Play Today."
On the following day, the Company issued a press release denying the allegations and stating that the article published by TheStreetSweeper.org had no merit. However, the article did not address the allegations related to the undisclosed paid stock promotions and market was unconvinced.
As a result of this news, shares of Uranium Energy declined, dropping $0.62 or over 25.6% on unusually heavy volume, to as close at $1.80 on June 19, 2015. Over two trading days, shares fell $0.80 or over 30.7%.
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.