Raser Technologies, Inc Investors File Lawsuit Against Certain Directors And Officers
San Diego, Nov. 29, 2011 (Shareholders Foundation) -- An investor in shares of Raser Technologies, Inc (RZTIQ.PK) filed a lawsuit in U.S. District Court for the District of Delaware against certain of Raser Technologies’ current and former directors and officers over alleged Violations of Federal Securities Laws.
Raser Technologies is purported to be an environmental energy technology company focused on geothermal power development and technology licensing.
According to the complaint the plaintiff alleges on behalf of purchasers of securities of Raser Technologies, Inc. (Other OTC: RZTIQ.PK) between May 11, 2009 and April 29, 2011, that defendants failed to disclose material adverse facts regarding Raser Technologies’ Thermo No. 1 geothermalplant.
Shares of Raser Technologies, Inc (now OTC: RZTIQ.PK) rose in January 2011 to $0.36 per share but fell on April 27, 2011 to $0.064 per share.
Then on April 29, 2011, Raser Technologies, Inc and its wholly-owned subsidiaries filed voluntary petitions for reorganization under Chapter 11 of Title 11 of the United States Code in the United States Bankruptcy Court for the District of Delaware.