SHAREHOLDER ALERT: Brower Piven Encourages Investors Who Have Losses In Excess Of $100,000 From Investment In Altair Nanotech...
October 06 2014 - 5:26PM
Business Wire
The securities litigation law firm of Brower Piven, A
Professional Corporation, announces that a class action lawsuit has
been commenced in the United States District Court for the Southern
District of New York on behalf of purchasers of Altair
Nanotechnologies, Inc. (“Altair” or the “Company”) (OTCBB: ALTI)
securities during the period between May 15, 2013 and September 4,
2014, inclusive (the “Class Period”) and informs investors who wish
to become proactively involved in the litigation that they have
until November 25, 2014 to seek appointment as lead plaintiff.
If you have suffered a loss from investment in Altair securities
purchased on or after May 15, 2013 and held through the revelation
of negative information during and/or at the end of the Class
Period, as described below, and would like to learn more about this
lawsuit and your ability to participate as a lead plaintiff,
without cost or obligation to you, please visit our website at
http://www.browerpiven.com/currentsecuritiescases.html. You may
also request more information by contacting Brower Piven either by
email at hoffman@browerpiven.com or by telephone at (410) 415-6616.
No class has yet been certified in the above action. Members of the
Class will be represented by the lead plaintiff and counsel chosen
by the lead plaintiff.
If you wish to choose counsel to represent you and the Class,
you must apply to be appointed lead plaintiff and be selected by
the Court. The lead plaintiff will direct the litigation and
participate in important decisions including whether to accept a
settlement and how much of a settlement to accept for the Class in
the action. The lead plaintiff will be selected from among
applicants claiming the largest loss from investment in Company
units during the Class Period. Brower Piven also encourages anyone
with information regarding the Company’s conduct during the period
in question to contact the firm, including whistleblowers, former
employees, shareholders and others.
The complaint accuses the defendants of violations of the
Securities Exchange Act of 1934 by virtue of the defendants’
failure to disclose during the Class Period that the Company was
experiencing significant executive management and accounting level
turnover in 2013 which led to a lack of segregation of duties
throughout the Company and resulted in a lack of controls to
perform a timely review of transactions at an appropriate level of
precision. According to the complaint, following the Company’s
September 4, 2014 announcement that on August 28, 2014, Crowe
Horwath LLP, resigned as the Company’s independent registered
public accounting firm due to its inability to complete the audit
of the Company’s financial statements for the year ended 2013 in
part due to its inability to perform sufficient procedures to
determine the completeness of reporting of subsequent events
transactions that may have occurred in China, the value of Altair’s
shares declined significantly.
On this news, NASDAQ halted Altair’s shares during the trading
day on September 4, 2014 at $4.30 per share. Shares of Altair
resumed trading on September 24, 2014, and as a result of this
news, immediately fell $3.35 per share, a drop of nearly 78% from
the halted price of $4.30 on September 4, 2014, to close at $0.95
on September 24, 2014.
Attorneys at Brower Piven have extensive experience in
litigating securities and other class action cases and have been
advocating for the rights of shareholders since the 1980s. If you
choose to retain counsel, you may retain Brower Piven without
financial obligation or cost to you, or you may retain other
counsel of your choice. You need take no action at this time to be
a member of the class.
Brower Piven, A Professional CorporationCharles J. Piven,
410-415-66161925 Old Valley RoadStevenson, Maryland
21153hoffman@browerpiven.com