The Shareholders Foundation announces that an investor, who purchased shares of ALTAIR NANOTECH INC (OTCMKTS:ALTI), filed a lawsuit in the U.S. District Court for the Southern District of New York over alleged violations of Federal Securities Laws by Altair Nanotechnologies, Inc in connection with certain allegedly false and misleading statements made between May 15, 2013 and September 4, 2014.
Investors who purchased a significant amount of shares of ALTAIR NANOTECH INC (OTCMKTS:ALTI) between May 15, 2013 and September 4, 2014, and / or those who purchased any OTCMKTS:ALTI shares prior to May2013 and continue to hold any of those shares, have certain options and for certain investors are short and strict deadlines running. Deadline: November 25, 2014. OTCMKTS:ALTI investors should contact the Shareholders Foundation at mail@shareholdersfoundation.com or call +1(858) 779 – 1554.
According to the complaint the plaintiff alleges on behalf of purchasers of ALTAIR NANOTECH INC (OTCMKTS:ALTI) common shares between May 15, 2013 and September 4, 2014, that the defendants violated Federal Securities Laws.
More specifically, the plaintiff claims that Defendants made allegedly false and/or misleading statements and/or allegedly failed to disclose that Altair Nanotechnologies, Inc was experiencing significant executive management and accounting level turnover in 2013 which led to a lack of segregation of duties throughout the Company and resulted in a lack of controls to perform a timely review of transactions at an appropriate level of precision, that Altair Nanotechnologies, Inc did not implement adequate procedures and controls over the 2013 year-end financial close and reporting process to ensure timely filings in compliance with its financial reporting requirements, that Altair Nanotechnologies, Inc did not implement adequate procedures and controls to appropriately evaluate routine and non-routine transactions, and as a result, did not detect the material misstatements that were identified by its auditor during its audit process, that Altair Nanotechnologies, Inc did not implement adequate procedures and controls to ensure accurate and timely communication with its subsidiaries in China, and that as a result of the foregoing Altair Nanotechnologies, Inc did not implement adequate procedures and controls to ensure the completeness and accuracy of its consolidated financial statements and related subsequent events.
Altair Nanotechnologies, Inc. reported that its annual Total Revenue declined from $7.83 million in 2010 to $1.55 million in 2012 while its respective Net Loss declined from $22.41 million to $17.99 million.
Shares of ALTAIR NANOTECH INC (OTCMKTS:ALTI) grew from $2.08 per share in March 2013 to as high as $6.65 per share in October 2013.
On September 4, 2014, ALTAIR NANOTECH INC filed a Form with the SEC announcing that on August 28, 2014, Crowe Horwath LLP, the independent registered public accounting firm of Altair, resigned as the Company’s independent registered public accounting firm. NASDAQ halted ALTAIR NANOTECH INC (OTCMKTS:ALTI)’s shares during the trading day on September 4, 2014. Shares of ALTAIR NANOTECH INC resumed trading on September 24, 2014 and declined from $4.40 per share on September 4, 2014, to as low as $0.60 per share on September 26, 2014.
Those who purchased shares of ALTAIR NANOTECH INC (OTCMKTS:ALTI) have certain options and should contact the Shareholders Foundation.
Contact:
Shareholders Foundation, Inc.
Michael Daniels
3111 Camino Del Rio North – Suite 423
92108 San Diego
Phone: +1-(858)-779-1554
Fax: +1-(858)-605-5739
mail@shareholdersfoundation.com