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 against Altair Nanotechnologies, Inc. (“Altair” or “Company”) (Other OTC: ALTI) and several officers and directors for acts taken during the period of May 15, 2013 to September 4, 2014 (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 Altair. If you are an affected Altair shareholder and want to learn more about the lawsuit or join the action, contact Willie Briscoe at The Briscoe Law Firm, PLLC, (214) 239-4568, or via email at WBriscoe@TheBriscoeLawFirm.com, or Patrick Powers at Powers Taylor LLP, toll free (877) 728-9607, or via e-mail at firstname.lastname@example.org. There is no cost or fee to you.
In the complaint, the defendants are alleged to have violated certain provisions of the Securities Exchange Act of 1934. Specifically, the complaint alleges, among other things, that defendants misrepresented and/or failed to disclose that: a) Altair was undergoing excessive executive management and accounting level turnover in 2013 which resulted in a lack of segregation of duties throughout the Company and caused a lack of controls to perform a timely review of transaction at an appropriate level of precision; b) Altair did not implement adequate procedures and controls in order to 1) ensure timely filing in compliance with its financial reporting requirements over the 2013 year-end financial close and reporting process, 2) appropriately evaluate routine and non-routine transactions, and as a result, did not detect the material misstatements that were identified by its auditor during its audit process, and 3) ensure accurate and timely communications with its subsidiaries in China; and c) as a result of the above Altair did not have sufficient procedures and controls to ensure the completeness and accuracy of its consolidated financial statements and related subsequent events.
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.