Faruqi & Faruqi, LLP Encourages Investors Who Suffered Losses In Excess Of $100,000 Investing In Altair Nanotechnologies, Inc. (ALTI) To Contact The Firm
Faruqi & Faruqi, LLP, a leading national securities law firm, reminds investors in Altair Nanotechnologies, Inc. (“Altair” or the “Company”) (OTC: ALTI) of the November 25, 2014 deadline to seek the role of lead plaintiff in a federal securities class action lawsuit filed against Altair and certain executives.
A complaint has been filed in the United States District Court for the Southern District of New York on behalf of all persons who purchased or otherwise acquired Altair securities between May 15, 2013 and September 4, 2014, inclusive (the “Class Period”).
The complaint alleges that the Company and its executives violated federal securities laws with respect to its disclosures concerning its business, operations, and prospects.
Specifically, the action alleges that during the Class Period, Altair made false and/or misleading statements and/or failed to disclose that (i) the Company had experienced significant executive management and accounting level turnover in 2013 which resulted in a lack of procedures and controls to perform a timely review of transactions at an appropriate level of precision; (ii) the Company failed to implement adequate procedures and controls over the 2013 year-end financial reporting process; (iii) the Company failed to implement adequate procedures and controls to evaluate routine and non-routine transactions; and (iv) the Company failed to implement adequate procedures and controls to ensure accurate and timely communication with its Chinese subsidiaries.
On September 4, 2014, Altair announced that on August 28, 2014, its independent registered public accounting firm resigned in part because of the Company’s material weakness in its procedures and controls regarding communications between Altair’s subsidiaries in China and its U.S.-based accounting team.
Following this news, the price of Altair stock declined by $3.35, or over 77%, to close at $0.95 on September 24, 2014, the first day of trading after NASDAQ had halted its stock on September 4, 2014.
If you invested in Altair stock or options between May 15, 2013 and September 4, 2014 and would like to discuss your legal rights, you can contact us by calling Richard Gonnello toll free at 877-247-4292 or at 212-983-9330 or by sending an e-mail to firstname.lastname@example.org. Faruqi & Faruqi, LLP also encourages anyone with information regarding Altair’s conduct to contact the firm, including whistleblowers, former employees, shareholders and others.
Richard W. Gonnello
Faruqi & Faruqi, LLP
685 Third Avenue 26th Floor
New York, NY 10017
Tel: (212) 983-9330
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