BENSALEM, Pa.--(BUSINESS WIRE)--Law Offices of Howard G. Smith announces that a class action lawsuit has been filed on behalf of a class (the "Class") of investors in 6D Global Technologies, Inc. ("6D" or the "Company") (SIXD) or its predecessor CleanTech Innovations, Inc. (NASDAQ:CTEK), who purchased securities during the period between November 3, 2010 and September 10, 2015 inclusive (the "Class Period"). Investors have until December 14, 2015 to file a motion to be appointed as lead plaintiff in the shareholder lawsuit.
The complaint alleges that the defendants violated securities laws by failing to disclose that the Company lacked adequate internal controls and permitted the Company founder Benjamin Wei (“Wei”) to exert undue influence and control over the Company; and, that the Company engaged in improper and undisclosed material related party transactions; and, that Defendants were engaged in a scheme to manipulate the Company’s stock price.
On September 8, 2015, the United States Attorney for the Southern District of New York filed an indictment against Wei on charges including stock manipulation and fraud, concerning Wei's manipulation of the share price and undisclosed ownership interests in 6D's predecessor, CleanTech Innovations. On September 10, 2015, the SEC filed an action against Wei for his participation in a scheme to profit from undisclosed controlling ownership interests in several U.S. companies created by reverse mergers, including 6D, which were actually controlled by Wei. As a result of the unsealing of the indictment and the filing of the SEC action, on September 10, 2015, NASDAQ halted trading of 6D Global securities, freezing the stock price at $2.90, down 3.33% from its previous closing price of $3.00 on September 9, 2015.
If you purchased shares of 6D or CTEK during the Class Period, have information or would like to learn more about these claims, or have any questions concerning this announcement or your rights or interests with respect to these matters, 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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