Star Scientific Shareholder Alert: Briscoe Law and Powers Taylor Investigate Possible Breaches of Fiduciary Duty by Officers and Directors
DALLAS--(BUSINESS WIRE)--Former United States Securities and Exchange Commission attorney Willie Briscoe, founder of The Briscoe Law Firm, PLLC, and the securities litigation firm of Powers Taylor, LLP announce that a federal class action lawsuit has been filed in Virginia against Star Scientific, Inc. (“Star Scientific” or “Company”) (NasdaqGM: STSI) and several of its officers and directors for acts taken during the period of October 31, 2011 to March 18, 2013 (the “Class Period”).
Based upon the allegations in the class action, the firms are investigating additional legal claims against the officers and Board of Directors of Star Scientific. If you are an affected Star Scientific shareholder and you want to learn more about the lawsuit or join the action, contact Willie Briscoe at The Briscoe Law Firm, PLLC, (214) 706-9314, or via email at WBriscoe@TheBriscoeLawFirm.com, or Zach Groover at Powers Taylor, LLP, toll free (877) 728-9607, via e-mail at zach@powerstaylor.com. There is no cost or fee to you.
In the complaint, the defendants are alleged to have violated provisions of the Securities Exchange Act of 1934. Notably, one of the complaints alleges that defendants misrepresented and/or failed to disclose that, among other things: (1) the Company engaged in potentially illegal transactions involving certain private placements and related party transactions since 2006; and (2) the Company received subpoenas from the US Attorney’s office investigating potential securities fraud involving transactions dating back to 2006. According to this complaint, when these facts were finally disclosed, Star Scientific’s shares dropped substantially.
“The allegedly improper business practices conducted by Star Scientific have prompted our firms to investigate additional claims against the Company’s officers and directors, including potential breaches of fiduciary duties and other violations of state law. Based on our investigation, we are prepared to pursue litigation to preserve the company and the value of Star Scientific stock for all shareholders,” said shareholder rights attorney Patrick Powers.
The Briscoe Law Firm, PLLC is a full service business litigation, commercial transaction, and public advocacy firm with more than 20 years of experience in complex litigation and transactional matters.
Powers Taylor, LLP is a boutique litigation law firm that handles a variety of complex business litigation matters, including claims of investor and stockholder fraud, shareholder oppression, shareholder derivative suits, and security class actions.
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