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Shearson Financial Network Inc (OTC: SHSNQ) Investor Securities Class Action Lawsuit 06/18/2009

  • If you purchased shares of Shearson Financial Network Inc (OTC: SHSNQ), you might have certain options and should contact the Shareholders Foundation, Inc.

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Lawsuit Overview

Case Dismissed
Company
Shearson Financial Network Inc
Security
OTC: SHSNQ

Case Name
Shearson Financial Shareholder Class Action Lawsuit 06/18/2009
Type of Lawsuit
Shareholder Class Action
Court of Filing
U.S. District Court for the Eastern District of Arkansas

Class Period Begin
Class Period End
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Summary

September 29, 2009 - The court ordered the case terminated.
September 25, 2009 - The plaintiff filed a notice of voluntary dismissal of all claims.

August 18, 2009 - A lead plaintiff motion was filed.

August 5, 2009 - The plaintiff filed a notice of voluntary dismissal of the corporate defendant.

June 18, 2009 - An investor in shares of Shearson Financial Network Inc (OTC: SHSNQ) filed a lawsuit in the U.S. District Court for the Eastern District of Arkansas against Shearson Financial Network Inc over alleged violations of Federal Securities Laws in connection with certain allegedly false and misleading statements made between May 7, 2009, and May 12, 2009.

The plaintiff alleges that the defendants are liable for making a false statement or failing to disclose adverse facts known to them. Defendants fraudulent scheme and course of business operated as a fraud or deceit on purchaser of Shearson Financial Network Inc was a success as it deceived
the investing public into purchasing shares of Shearson Financial Network Inc which were ultimately cancelled and valueless.

The plaintiff further claims that in an effort to get investors to purchase the stock of Shearson Financial Network Inc, on May
7, 2009, Shearson Financial Network Inc issued a press release stating that it had emerged from bankruptcy without disclosing that Shearson Financial Network Inc's stock would be cancelled, that new shares would be issued, and that Shearson Financial Network Inc's ticker symbol would not continue to be
SHSNQ, the ticker symbol used in the May 7, 2009, press release.

Shearson Financial Network Inc's statement caused Shearson Financial Network Inc's stock to reach a high of $.039 on May 8, 2009. As a result of Shearson Financial Network Inc's false and misleading statements, Shearson Financial Network Inc (OTC: SHSNQ) stock traded at inflated levels between May 7, 2009, and May 12, 2009.

Defendants false and misleading statements had the intended effect and caused Shearson Financial Network Inc's stock to trade at artificially inflated levels reaching its all time high of $.039 on May 8, 2009. Subsequently, Shearson Financial Network Inc's stock was completely cancelled causing the investors in Shearson Financial Network Inc's stock between May 7, 2009, and May 12, 2009 to receive absolutely nothing from investments in Shearson Financial Network Inc.