SEBASTIAN, Fla., Dec. 5 /PRNewswire-FirstCall/ -- Sebastian River Holding's Inc. (Pink Sheets: SBRV), today announced that the company has filed a lawsuit against E*Trade Financial Corp. (NASDAQ:ETFC). The lawsuit alleges collusion amongst E-trade and its employees to unlawfully, manipulate the company's stock. The Company is suing under the civil section of the Racketeer Influenced and Corrupt Organizations Act (RICO). Several individual shareholders have joined the company as plaintiffs.
In addition, the plaintiffs allege that E*trade illegally froze shareholders accounts, not allowing them to buy or sell nor move stock or cash out of their accounts. The suit seeks return of all assets confiscated by E*Trade, including cash and stock. The company is seeking actual and punitive damages for loss of market value and for loss of business opportunity.
"You often hear about these large brokerage firms manipulating stock of small public companies for their own financial gain. The magnitude of E*Trade and its employees' conduct to artificially knock down our market cap is egregious and absolutely astounding," stated CEO Daniel Duffy." The really amazing part of this whole process is the fact that there is substantial documentation to prove all of the allegations of our lawsuit." On August 8th 2007 the company announced an Iraq Dinar dividend to all shareholders of record on September 14th 2007, because of the acts of E*Trade the company can not get an actual count of record date shareholders. As soon as this matter is concluded Sebastian River Holding's Inc. will honor the dividend, even if the rate of the Dinar is one Dinar for one US dollar.
Forward-Looking Statement This Press release may include forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. These statements are based on the Company's current expectations as to future events. The forward-looking events and circumstances discussed in this press release might not occur, and actual results could differ materially from those anticipated or implied in the forward-looking statements. DATASOURCE: Sebastian River Holding's Inc.
CONTACT: Investor Relations, Bob Green of Sebastian River Holdings, Inc., +1-954-549-3811
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