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Carmel Energy Inc (OTC: CRMY) Investor Securities Class Action Lawsuit 10/23/2009

  • If you purchased shares of Carmel Energy Inc (OTC: CRMY), you might have certain options and should contact the Shareholders Foundation, Inc.

  • To have your information reviewed for options and to receive notifications about this case, please send an email to mail@shareholdersfoundation.com, or call us at (858) 779-1554.

Lawsuit Overview

Case Dismissed
Company
Carmel Energy Inc
Security
OTC: CRMY

Case Name
Carmel Energy Shareholder Class Action Lawsuit 10/23/2009
Type of Lawsuit
Shareholder Class Action
Court of Filing
U.S. District Court for the Southern District of Florida

Class Period Begin
Class Period End
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Summary

March 29, 2013 - The court ordered the case dismissed without prejudice.
September 30, 2011 - The court denied the defendant's December 15, 2010 motion to dismiss. Also the court granted in part the motion for reconsideration filed on March 9, 2011.

March 9, 2011 - A defendant filed a motion for reconsideration of the February 24, 2011 order on motion to dismiss.

February 24, 2011 - The court denied the defendant's August 17, 2010 motion to dismiss.

December 15, 2010 - Another defendant filed a motion to dismiss.

August 17, 2010 - Another defendant filed a motion to dismiss.

June 4, 2010 - The court denied the defendant's April 1, 2010 motion to dismiss.

May 31, 2010 - The court denied the defendant's March 23, 2010 motion to dismiss without prejudice.

April 1, 2010 - An additional defendant filed a motion to dismiss.

March 23, 2010 - Another defendant filed a motion to dismiss.

February 18, 2010 - The court denied the defendant's motion to dismiss.

December 10, 2009 - A defendant filed a motion to dismiss.

October 23, 2009 - An investor in shares of Carmel Energy Inc (OTC: CRMY) filed a lawsuit in the U.S. District Court for the Southern District of Florida against certain Directors of Carmel Energy Inc over alleged violations of Federal Securities Laws in connection with certain allegedly false and misleading statements made between December 15, 2007 and August 31, 2008.

The complaint alleges that Carmel Energy Inc misrepresented and/or omitted material facts concerning the use of the proceeds to be raised on behalf of Carmel Energy Inc. For example, that Carmel Energy Inc's funds would be used: (a) to fund its oil and gas operations pursuant to the purported business plan, use of proceeds plans, and oil production projections prepared and disseminated by the individual defendants; (b) retain appropriate auditors to properly prepare and provide certified audited financial statements in conformity with S.E.C. rules and regulations and Generally Accepted Accounting Principles (GAAP); adequate for
S.E.C. filings; (c) retain competent securities counsel to bring all delinquent S.E.C. filings going back to 1996 up to date, and bring Carmel Energy Inc into full and timely regulatory compliance with S.E.C. filings; (d) apply for application for listing of Carmel Energy Inc stock on over-the-counter bulletin board (OTCBB) pursuant to Rule 15c-211 so that Carmel Energy Inc common stock could commence active trading in over-the-counter markets; and (e) expand Carmel Energy Inc's core business and return Carmel Energy Inc to profitability; and (f) conduct Carmel Energy Inc's business in accordance with the above-referenced stated objectives as represented to investors.