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ForceField Energy Inc (NASDAQ:FNRG) Investor Filed: Lawsuit Against Certain Directors Over Alleged Breaches Of Fiduciary Dutie

  • If you purchased shares of ForceField Energy Inc (NASDAQ:FNRG) in April 2013 or earlier and currently hold any of those NASDAQ:FNRG shares, you have certain options and you 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

Company
ForceField Energy Inc
Security
NASDAQ: FNRG

Case Name
ForceField Energy Shareholder Derivative Lawsuit 05/15/2015
Type of Lawsuit
Stockholder Derivative Action
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Summary

May 15, 2015 (Shareholders Foundation) - An investor who currently holds shares of ForceField Energy Inc (NASDAQ:FNRG) filed a lawsuit against certain directors of ForceField Energy over alleged breaches of fiduciary duties owed to NASDAQ:FNRG shareholders.
The plaintiff alleges that the certain directors of ForceField Energy Inc breached their fiduciary duties to NASDAQ:FNRG investors and exposed the company to millions of dollars in liability.

On April 15, 2015, a report was publish which alleged that ForceField was a paid Dream Team promotion which was written about by both Tom Meyer (multiple aliases including Wonderful Wizard and others) and John Mylant. These were the two main Dream Team writers. Their articles have since been removed from Seeking Alpha, but the original references can still be found in various places. In addition, ForceField is listed here among the other Dream Team clients on the Investors Hub page for Mission IR. Mission IR was the Dream Team subsidiary responsible for handling the paid articles.

On April 17, 2015, a lawsuit was filed against ForceField Energy Inc over alleged securities laws violations. The plaintiff alleged that Defendants allegedly falsely stated and/or failed to disclose that articles issued by independent authors touting ForceField Energy Inc were in fact paid promoters hired by the Company, that ForceField Energy’s management reviewed these so-called independent articles before publication, and that members of ForceField Energy’s management have troubling histories with fraudulent companies. The lawsuit seeks damages for certain investors who purchased NASDAQ:FNRG shares.

On April 20, 2015, an article reported that Richard St-Julien, former chairman of ForceField Energy Inc was arrested and had resigned as chairman. According to the article Richard St-Julien was reportedly charged with scheming to boost ForceField Energy's share price using secret payments to conspirators through a Belize-based firm.

ForceField's stock was halted on April 20, 2015 and is currently traded OTC at $0.30 per share.