Alternate Energy Holdings Inc (PINK: AEHI) Investor Securities Class Action Lawsuit 12/20/2010

If you purchased shares of Alternate Energy Holdings Inc (PINK: AEHI), you might have certain options and should contact the Shareholders Foundation, Inc.

To have your information reviewed for options and to recieve notifications about this case, please use this form. You may also send an email to mail@shareholdersfoundation.com, or call us at (858) 779-1554.
Company Name(s): 
Alternate Energy Holdings
Case Name: 
Alternate Energy Holdings Shareholder Class Action Lawsuit 12/20/2010
Case Status: 
Lawsuit Filed
Case Status: 
Settlement Approved
Affected Securities
PINK: AEHI
Lawsuit Overview
Type of Lawsuit: 
Shareholder Class Action
Date Filed: 
12/20/2010
Class Period Begin: 
10/23/2006
Class Period End: 
12/14/2010
Court of Filing: 
U.S. District Court for the District of Idaho
Deadline To File for Lead: 
02/21/2011
Date Settled: 
11/05/2012
Settlement Amount: 
$450,000
Deadline to Participate in Settlement: 
09/24/2012
Summary: 

November 5, 2012 - The court approved the settlement, entered the orders approving the plan of allocation, the motion for attorneys’ fees and expenses, and dismissed the action with prejudice.

October 31, 2012 - The court held a final settlement hearing.

July 20, 2012 - The court preliminarily approved the settlement.

July 18, 2012 - Parties filed a stipulation of settlement.

December 19, 2011 - The court denied the defendants' motion to dismiss.

August 12, 2011 - The defendants filed a motion to dismiss.

June 17, 2011 - The lead plaintiff filed an amended complaint on behalf of investors who purchased Alternate Energy Holdings Inc (PINK: AEHI) common shares between October 23, 2006 and December 14, 2010. The lead plaintiff alleges that the defendants violated the Securities Exchange Act of 1934 by issuing false and misleading statements between October 23, 2006 and December 14, 2010.

April 7, 2011 - The lead plaintiff and lead counsel were appointed.

March 8, 2011 - Additional lead plaintiff motions were filed.

March 7, 2011 - Lead plaintiff motions were filed.

December 20, 2010 - An investor in shares of Alternate Energy Holdings Inc (PINK: AEHI) filed a lawsuit in the U.S. District Court for the District of Idaho against Alternate Energy Holdings Inc over alleged violations of Federal Securities Laws in connection with certain allegedly false and misleading statements made between September 20, 2006 and December 14, 2010.

According to the complaint the plaintiff alleges that Alternate Energy Holdings Inc, its CEO Donald L. Gillispie and Senior Vice President Jennifer Ransom, violated between September 20, 2006 through December 14, 2010 Sections of the Securities Exchange Act of 1934. The plaintiff claims that Alternate Energy Holdings Inc and certain of its officers and directors engaged in a scheme to manipulate and artificially inflate the market price of Alternate Energy Holdings stock.

Shares of Alternate Energy Holdings Inc traded until January 8, 2010 at roughly $0.10 per share and jumped in the following months to $0.87 per share in October 2010, up until December 13 when AEHI shares traded at $0.575 per share.

Then on December 15, 2010 Alternate Energy Holdings Inc (PINK: AEHI) announced that the SEC on December 14, 2010, issued an order to temporarily suspend trading of Alternate Energy Holdings’ common stock through December 28 because of questions that have been raised about the accuracy of certain publicly disseminated information regarding Alternate Energy Holdings Inc.

On December 16, 2010, the SEC charged Alternate Energy Holdings Inc's top officers with fraudulently raising funds for a $10 billion nuclear power project. The SEC said it is seeking an emergency court order to freeze the assets of the company and the two executives.

The SEC alleges that Alternate Energy Holdings Inc has raised millions of dollars from investors in Idaho and throughout the U.S. and Asia while fraudulently manipulating its stock price through misleading public statements that conceal the secret profits reaped by its CEO Donald L. Gillispie and Senior Vice President Jennifer Ransom.

The SEC says it has obtained records that Gillispie and Ransom secretly unloaded stock holdings and funneled the money back to Gillispie. The SEC’s complaint among other things alleges that Alternate Energy Holdings Inc reported to the SEC and investors that Gillispie’s compensation was $133,000. However, Gillispie has actually reaped approximately six times that amount in 2010 and spend lavishly on jewelry, cruises, a Maserati sports car and other items.

On December 21, 2010, Alternate Energy Holdings Inc announced its CEO Don Gillispie and Vice President Jennifer Ransom took a voluntary leave of absence.