Heartland Resources Inc. Case 05/19/2008

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Company Name(s): 
Heartland Resources
Case Name: 
Heartland Resources Inc. Case 05/19/2008
Case Status: 
Lawsuit filed
Lawsuit Overview
Type of Lawsuit: 
Shareholder Class Action
Date Filed: 
05/19/2008
Summary: 

According to the docket, a class action was filed on behalf of purchasers of securities promoted and sold unlawfully by Heartland Resources, Inc. and the other Defendants, on May 19, 2008.
 
The complaint alleges that the securities promoted and sold by the Defendants included partnership interests in what were purported to be mainly limited partnerships. The securities promoted and sold by the Defendants also included Working Interests offered by Heartland Resources, Inc. “Working Interests” are fractional, undivided interests in oil and gas properties and rights.
 
The complaint also alleges that by and through the Partnerships and offerings of Working Interests (”Offerings”), the Defendants facilitated the fraudulent sale of securities to the Investors.
 
The Investors are pursuing remedies against the Defendants under the Securities Act of 1933 and the regulations promulgated thereunder (the “Securities Act”), the Securities Exchange Act of 1934 and the regulations promulgated thereunder (the “Exchange Act”), the Tennessee Securities Act of 1980 and the regulations, rules, and orders promulgated thereunder (the “Tennessee Securities Act”), and Tennessee common-law and equitable causes of action, the Securities Act of Kentucky and the regulations, rules, and orders promulgated thereunder (the “Kentucky Securities Act”), and Kentucky common-law and equitable causes of action.