BENSALEM, Pa.--(BUSINESS WIRE)--Law Offices of Howard G. Smith reminds investors of ForceField Energy, Inc. (“ForceField” or the “Company”) (NASDAQ: FNRG) who purchased the Company’s securities between September 16, 2013 and April 15, 2015, inclusive (the “Class Period”) of the upcoming June 16, 2015 deadline to file a motion to be appointed as lead plaintiff in the shareholder lawsuit. The class action concerns the Company’s and its officers’ alleged violations of federal securities laws, and the subsequent damage to ForceField investors.
ForceField designs, distributes, and licenses alternative energy products and technologies in China and the United States. The Company also distributes light emitting diode (LED) commercial lighting products and fixtures; and chemicals used for the production of polysilicon for use in solar cells.
The complaint alleges that the Company misled investors regarding the following issues: that ForceField has engaged in unethical and potentially illegal stock promotion to target retail investors and pump up the value of the Company’s stock; that the Company’s management “have close ties to past fraudulent companies and activities”; and that the Company is nearing insolvency. Upon publication of a report disclosing these issues, the Company’s stock fell $1.66 per share or 22% to close on April 15, 2015, at $6.05 per share. Then on April 20, 2015, a Bloomberg article noted that ForceField Chairman Richard St-Julien “was arrested and had resigned as chairman … [and] was charged with scheming to boost the company’s share price using secret payments to conspirators through a Belize-based firm.” On this news ForceField shares declined sharply in value until trading was halted on April 20, 2015.
If you wish to learn more about this action, please contact Howard G. Smith, Esquire, of Law Offices of Howard G. Smith, 3070 Bristol Pike, Suite 112, Bensalem, Pennsylvania 19020 by telephone at (215) 638-4847, toll-free at (888) 638-4847, or by email to howardsmith@howardsmithlaw.com, or visit our website at http://www.howardsmithlaw.com. If you are a member of the Class described above, you may move the Court no later than June 16, 2015, to serve as lead plaintiff, if you meet certain legal requirements. To be a member of the Class, you need not take any action at this time; you may retain counsel of your choice or take no action and remain an absent member of the Class.
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