BENSALEM, Pa.--(BUSINESS WIRE)--Law Offices of Howard G. Smith announces that a class action complaint has been filed on behalf of a class (the “Class”) comprising purchasers of the securities of ForceField Energy, Inc. (“ForceField” or the “Company”) (NASDAQ: FNRG) between September 16, 2013 through April 15, 2015, inclusive (the “Class Period”).
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; 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% on unusually high volume to close on April 15, 2015 at $6.05 per share. Over the course of the next two trading sessions the Company’s shares continued to decline, closing on April 16, 2015 at $4.74 per share, and on April 17, 2015 at $3.97, a total decline of $3.97 per share or nearly 50%.
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. 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 firstname.lastname@example.org, or visit our website at http://www.howardsmithlaw.com.
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