WILMINGTON, Del.--(BUSINESS WIRE)--Rigrodsky & Long, P.A. announces that a class action lawsuit has been filed in the United States District Court for the District of Idaho on behalf of all persons or entities who purchased or otherwise acquired the common stock of Alternate Energy Holdings, Inc. (“AEHI” or the “Company”) (OTCQB: AEHI) (formerly OTC BB: AEHI.OB) between September 20, 2006 and December 14, 2010, inclusive (the “Class Period”), alleging violations of the Securities Exchange Act of 1934 (the “Complaint”).
If you wish to discuss this action or have any questions concerning this notice or your rights or interests, please contact Timothy J. MacFall, Esquire or Noah R. Wortman, Case Development Director of Rigrodsky & Long, P.A., 919 North Market Street, Suite 980 Wilmington, Delaware, 19801 at (888) 969-4242, by e-mail to firstname.lastname@example.org, or via our website: http://www.rigrodskylong.com/news/AlternateEnergyHoldings-AEHI.
The Complaint names AEHI and certain of the Company’s current executive officers and directors as defendants. AEHI, a development stage company, focuses on the purchase, optimization, and construction of green energy sources primarily nuclear power plants in the United States.
The Complaint alleges that throughout the Class Period, AEHI and certain of its officers and directors engaged in a scheme to manipulate and artificially inflate the market price of AEHI stock by (1) paying stock promoters to create artificial demand in the marketplace through end of day purchases, (2) misrepresenting that Company officers and directors never sold any shares AEHI stock, and (3) misrepresenting the AEHI’s true financial condition and potential business prospects.
On December 14, 2010, the United States Securities and Exchange Commission (“SEC”) announced the temporary suspension of trading in AEHI stock. On December 16, 2010, the SEC filed a lawsuit alleging that AEHI raised millions of dollars from investors while manipulating its stock price through misleading public statements that concealed the secret profits reaped by its President, CEO and Chairman, Donald L. Gillespie and by its Secretary and Senior Vice President of Administration, Jennifer Ransom. Thereafter, on December 20, 2010, the Company announced that both Mr. Gillespie and Ms. Ransom had taken voluntary leaves of absence pending the outcome of the SEC’s lawsuit. As a result of the alleged fraud, AEHI’s shareholders have been damaged.
If you wish to serve as lead plaintiff, you must move the Court no later than March 8, 2011. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation. In order to be appointed lead plaintiff, the Court must determine that the class member’s claim is typical of the claims of other class members, and that the class member will adequately represent the class. Your ability to share in any recovery is not, however, affected by the decision whether or not to serve as a lead plaintiff. Any member of the proposed class may move the court to serve as lead plaintiff through counsel of their choice, or may choose to do nothing and remain an absent class member.
While Rigrodsky & Long, P.A. did not file the Complaint in this matter, the firm, with offices in Wilmington, Delaware and Garden City, New York, regularly litigates securities class, derivative and direct actions, shareholder rights litigation and corporate governance litigation, including claims for breach of fiduciary duty and proxy violations in the Delaware Court of Chancery and in state and federal courts throughout the United States.
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