NEW YORK, Oct. 24, 2014 /PRNewswire/ -- Pomerantz LLP has
filed a class action lawsuit against Altair Nanotechnologies, Inc.
("Altair" or the "Company")(OTC: ALTI) and certain of its
officers. The class action, filed in United States
District Court, Southern District of New
York, and docketed under 14-cv-7828, is on behalf of a class
consisting of all persons or entities who purchased Altair
securities between May 15, 2013 and
September 4, 2014, inclusive (the
"Class Period"). This class action seeks to recover damages
against Defendants for alleged violations of the federal securities
laws under the Securities Exchange Act of 1934 (the "Exchange
Act").
If you are a shareholder who purchased Altair securities during
the Class Period, you have until November
25, 2014 to ask the Court to appoint you as Lead Plaintiff
for the class. A copy of the Complaint can be obtained at
www.pomerantzlaw.com. To discuss this action, contact
Robert S. Willoughby at
rswilloughby@pomlaw.com or 888.476.6529 (or 888.4-POMLAW), toll
free, x237. Those who inquire by e-mail are encouraged to include
their mailing address, telephone number, and number of shares
purchased.
Altair designs, manufactures and delivers energy storage systems
for clean, efficient power and energy management.
The Complaint alleges that throughout the Class Period,
Defendants made materially false and misleading statements
regarding the Company's business, operational and compliance
policies, and internal controls over financial reporting.
Specifically, Defendants made false and/or misleading statements
and/or failed to disclose that: (1) 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; (2) the Company did not implement adequate procedures
and controls over the 2013 year-end financial close and reporting
process to ensure timely filings in compliance with its financial
reporting requirements; (3) the Company did not implement adequate
procedures and controls to appropriately evaluate routine and
non-routine transactions, and as a result, did not detect the
material misstatements that were identified by its auditor during
its audit process; (4) the Company did not implement adequate
procedures and controls to ensure accurate and timely communication
with its subsidiaries in China;
and as a result of the foregoing, (5) the Company did not implement
adequate procedures and controls to ensure the completeness and
accuracy of its consolidated financial statements and related
subsequent events.
On September 4, 2014, the Company
filed a Form 8-K with the SEC announcing that on August 28, 2014, Crowe Horwath LLP ("Crowe"), the
independent registered public accounting firm of Altair, resigned
as the Company's independent registered public accounting
firm. According to the Form 8-K, Crowe's resignation letter
to the Company's management and the Audit Committee of the
Company's Board of Directors advised the Company that it was
resigning due to its inability to complete the audit of the
Company's financial statements for the year ended 2013 in part due
its inability to perform sufficient procedures to determine the
completeness of reporting of subsequent events transactions that
may have occurred in China. Moreover, Crowe indicated that it
was resigning in part due to the Company's material weakness
relative to implementing controls and procedures to ensure accurate
and timely communications between the Company's subsidiaries in
China and its U.S.-based
accounting team.
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.
The Pomerantz Firm, with offices in New York, Chicago, Florida, and San
Diego, is acknowledged as one of the premier firms in the
areas of corporate, securities, and antitrust class litigation.
Founded by the late Abraham L.
Pomerantz, known as the dean of the class action bar, the
Pomerantz Firm pioneered the field of securities class actions.
Today, more than 70 years later, the Pomerantz Firm continues in
the tradition he established, fighting for the rights of the
victims of securities fraud, breaches of fiduciary duty, and
corporate misconduct. The Firm has recovered numerous
multimillion-dollar damages awards on behalf of class members. See
www.pomerantzlaw.com.
CONTACT:
Robert S.
Willoughby
Pomerantz LLP
rswilloughby@pomlaw.com
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SOURCE Pomerantz LLP