SAN DIEGO--(BUSINESS WIRE)--Robbins Umeda LLP reminds shareholders of Alternate Energy Holdings, Inc. (OTC: AEHI.PK) of the securities fraud class action lawsuit filed against Alternate Energy and certain of its officers and directors. The class action pending in the U.S. District Court, District of Idaho is on behalf of all persons or entities that purchased or otherwise acquired Alternate Energy securities during the time period from September 20, 2006, and December 14, 2010 (the "Class Period").
The complaint alleges that Alternate Energy and certain of its officers and directors issued false and misleading statements to the public regarding the company's true financial condition and business prospects and concealed secret profits reaped by Chief Executive Officer Donald L. Gillispie and Senior Vice-President Jennifer Ransom.
In particular, the complaint claims that Gillispie, with the aid of Ransom, engaged in a scheme to manipulate and artificially inflate the market price of Alternate Energy stock by (1) paying stock promoters to create artificial demand in the marketplace through end of day stock purchases; (2) misrepresenting that the Company's officers and directors never sold any shares of the Company's stock; and (3) misrepresenting the Company's true financial condition and potential business prospects. On December 14, 2010, the U.S. Securities and Exchange Commission (the "SEC") issued an order to temporarily suspend trading of the Company's stock. Shortly thereafter, on December 16, 2010, the SEC instituted a civil action against the Company and Gillispie and Ransom, to prevent Alternative Energy and its executives from raising additional funds from investors.
If you purchased Alternate Energy stock during the Class Period, you have until March 8, 2011 to ask the court to appoint you as lead plaintiff for the class. To discuss your rights as a shareholder, please contact attorney Gregory E. Del Gaizo at 800-350-6003 or by e-mail at info@robbinsumeda.com. Those who inquire by e-mail are encouraged to include their mailing address and telephone number.
Robbins Umeda LLP represents individual and institutional shareholders in derivative, direct, and class action lawsuits. The law firm's skilled litigation teams include former federal prosecutors, former defense counsel from top multinational corporate law firms, and career shareholder rights lawyers. For more information, please go to http://www.robbinsumeda.com.
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