Raser Technologies Inc (OTC: RZTIQ) Investor Securities Class Action Lawsuit 02/25/2013

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Company Name(s): 
Raser Technologies
Case Name: 
Raser Technologies Shareholder Class Action Lawsuit 02/25/2013
Case Status: 
Case Dismissed
Affected Securities
OTC: RZTIQ
Lawsuit Overview
Type of Lawsuit: 
Shareholder Class Action
Date Filed: 
02/25/2013
Class Period Begin: 
03/17/2010
Class Period End: 
04/29/2011
Court of Filing: 
U.S. District Court for the District of Colorado
Deadline To File for Lead: 
05/07/2013
Case Dismissed: 
05/09/2013
Summary: 

May 9, 2013 - The plaintiff filed a notice of voluntary dismissal without prejudice.

February 25, 2013 - An investor in shares of Raser Technologies Inc (OTC: RZTIQ) filed a lawsuit in the U.S. District Court for the District of Colorado against Raser Technologies Inc’s auditors Hein & Associates LLP over alleged violations of Federal Securities Laws by in connection with certain allegedly false and misleading statements made between March 17, 2010 and April 29, 2011.

According to the complaint the plaintiff alleges that Raser Technologies Inc’s audited financial statements, which were contained within the 2009 Form 10-K and 2010 Form 10-K and which were distributed to the investing public between March 17, 2010 and April 29, 2011, were not presented fairly in conformity with generally accepted accounting principles.

Shares of Raser Technologies Inc (now OTC: RZTIQ) 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.