Raser Technologies Inc (OTC: TZTIQ) Investor Securities Class Action Lawsuit 11/29/2011

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Company Name(s): 
Raser Technologies
Case Name: 
Raser Technologies Shareholder Class Action Lawsuit 11/29/2011
Case Status: 
Case Dismissed
Affected Securities
OTC: RZTIQ
Lawsuit Overview
Type of Lawsuit: 
Shareholder Class Action
Date Filed: 
11/29/2011
Class Period Begin: 
05/11/2009
Class Period End: 
04/29/2011
Court of Filing: 
U.S. District Court for the District of Delaware
Deadline To File for Lead: 
01/30/2012
Case Dismissed: 
05/13/2013
Summary: 

May 13, 2013 - The court ordered the case dismissed with prejudice.

April 23, 2013 - The court granted the defendants' motion to dismiss.

July 13, 2012 - The defendants filed a motion to dismiss.

April 30, 2012 - The lead plaintiffs filed an amended consolidated complaint.

March 1, 2012 - Lead plaintiff and lead counsel were appointed.

January 30, 2012 - Lead plaintiff motions were filed.

November 29, 2011 - An investor in shares of Raser Technologies Inc (OTC: RZTIQ) filed a lawsuit in U.S. District Court for the District of Delaware against certain of Raser Technologies Inc’s current and former directors and officers over alleged Violations of Federal Securities Laws.

Raser Technologies Inc 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 (OTC: RZTIQ) between May 11, 2009 and April 29, 2011, that defendants failed to disclose material adverse facts regarding Raser Technologies Inc’s Thermo No. 1 geothermalplant.

Shares of Raser Technologies Inc (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.