Lawsuit Overview
Settlement Overview
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June 29, 2017 - The court ordered the authorization of the distribution of the net settlement fund.
June 15, 2016 - The court approved the settlement and entered the orders approving the plan of allocation, the motion for attorneys’ fees and expenses, and dismissing the action with prejudice.
January 22, 2016 - The court preliminarily approved the settlement.
December 7, 2015 - Parties filed a stipulation of settlement.
November 25, 2014 - Lead plaintiff motions were filed.
September 26, 2014 - An investor in shares of Altair Nanotechnologies Inc (OTC: ALTI) filed a lawsuit in the U.S. District Court for the Southern District of New York against Altair Nanotechnologies Inc over alleged violations of Federal Securities Laws in connection with certain allegedly false and misleading statements made between May 15, 2013 and September 4, 2014.
According to the complaint the plaintiff alleges on behalf of purchasers of Altair Nanotechnologies Inc (OTC: ALTI) common shares between May 15, 2013 and September 4, 2014, that the defendants violated Federal Securities Laws.
More specifically, the plaintiff claims that Defendants made allegedly false and/or misleading statements and/or allegedly failed to disclose that Altair Nanotechnologies, Inc 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, that Altair Nanotechnologies, Inc 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, that Altair Nanotechnologies, Inc 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, that Altair Nanotechnologies, Inc did not implement adequate procedures and controls to ensure accurate and timely communication with its subsidiaries in China, and that as a result of the foregoing Altair Nanotechnologies, Inc did not implement adequate procedures and controls to ensure the completeness and accuracy of its consolidated financial statements and related subsequent events.
Altair Nanotechnologies, Inc. reported that its annual Total Revenue declined from $7.83 million in 2010 to $1.55 million in 2012 while its respective Net Loss declined from $22.41 million to $17.99 million.
Shares of Altair Nanotechnologies Inc (OTC: ALTI) grew from $2.08 per share in March 2013 to as high as $6.65 per share in October 2013.
On September 4, 2014, Altair Nanotechnologies Inc filed a Form with the SEC announcing that on August 28, 2014, Crowe Horwath LLP, the independent registered public accounting firm of Altair, resigned as the Company's independent registered public accounting firm. NASDAQ halted Altair Nanotechnologies Inc's shares during the trading day on September 4, 2014. Shares of Altair Nanotechnologies Inc (OTC: ALTI) resumed trading on September 24, 2014 and declined from $4.40 per share on September 4, 2014, to as low as $0.60 per share on September 26, 2014.