Securities Class Action Filed Against ForceField Energy, Inc
Violations of federal securities laws as a result of a series of materially false statements. The Complaint alleges that the Company made false and/or misleading statements and/or failed to disclose that: (a) ForceField has engaged in unethical and potentially illegal stock promotion to target retail investors and pump up the value of its stock; (b) members of the Company’s management “have close ties to past fraudulent companies and activities;” and (c) the Company is nearing insolvency. Upon publication of a report disclosing these issues, the Company’s stock fell $1.66 per share, or by 22% on unusually high volume to close on April 15, 2015 at $6.05 per share. According to the Complaint, the Company’s shares continued to decline, closing on April 16, 2015 at $4.74 per share and on April 17, 2015 at $3.97, a total decline of $3.97 per share, or nearly 50%. Filed in S.D.N.Y.
Lead Plaintiff Deadline: The deadline to file for lead plaintiff in this action is 6/16/2015.
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