ALTAIR NANOTECHNOLOGIES SHAREHOLDER ALERT BY FORMER LOUISIANA ATTORNEY GENERAL: Kahn Swick & Foti, LLC Reminds Investors with Losses in Excess of $100,000 of Lead Plaintiff Deadline in Class Action Lawsuit Against Altair Nanotechnologies, Inc.
NEW ORLEANS, Sept. 30, 2014 /PRNewswire/ -- Kahn Swick & Foti, LLC ("KSF") and KSF partner, the former Attorney General of Louisiana, Charles C. Foti, Jr., remind investors that they have until November 25, 2014 to file lead plaintiff applications in a securities class action lawsuit against Altair Nanotechnologies, Inc. ("Altair" or the "Company") (OTC: ALTI) if they purchased the Company's securities between May 15, 2013 and September 4, 2014, inclusive (the "Class Period"). This action is pending in the United States District Court for the Southern District of New York.
What You May Do
If you purchased shares of Altair and would like to discuss your legal rights and how this case might affect you and your right to recover for your economic loss, you may, without obligation or cost to you, call toll-free at 1-877-515-1850 or email KSF Managing Partner Lewis Kahn ([email protected]). If you wish to serve as a lead plaintiff in this class action, you must petition the Court by November 25, 2014.
About the Lawsuit
Altair and certain of its executives are charged with failing to disclose material information during the Class Period, violating federal securities laws.
According to the complaint, the defendants' failed to disclose during the Class Period that the Company was experiencing executive management and accounting level turnover that led to a lack of segregation of duties 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 Crowe Horwath LLP resigned on August 28, 2014 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, the NASDAQ halted trading in Altair's shares during the day on September 4, 2014 at $4.30 per share. Shares of Altair resumed trading on September 24, 2014, and 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.
About Kahn Swick & Foti, LLC
To learn more about KSF, whose partners include the Former Louisiana Attorney General, Charles C. Foti, Jr., and other lawyers with significant experience litigating complex securities class actions nationwide on behalf of both institutional and individual shareholders, you may visit www.ksfcounsel.com.
Contact:
Kahn Swick & Foti, LLC
Lewis Kahn, Managing Partner
[email protected]
1-877-515-1850
206 Covington St.
Madisonville, LA 70447
SOURCE Kahn Swick & Foti, LLC
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