Looks like it came out Friday....explains the PPS swings today.
Curious that now both Lorem Vascular has filed suit and now these guys are looking into possible breaches of fiduciary duty. Wont be surprised if someone else announces as is often the case....trying to attract plaintiff business. Who knows if any of this pans out to anything but the timing couldn't be worse imho.
Maybe the timing in itself is the issue. Again, who knows.Overall the reaction was fairly muted...at least so far.
Perhaps this cite will be of its ultimate use for its documented account of years and years of records regarding Cytori's deceit, fraud, outright lies, non-disclosure, failure to abide by corporate governance and SEC laws, etc. If I were behind this cite, my next project would be joining the class action and putting together a detailed and well written timeline based on years of the documented manipulation and fraud committed by this company. It will be of great help to the attorneys and others in the class action. Breach of fiduciary duty is an understatement in this case.
This is a big NOTHING at this point. Will very likely go nowhere. First of all it's not even the actual initiation of a lawsuit. This particular law firm has put out dozens of "investigations" into microcap stocks. Look them up.
However, if I were Roth I would call them. I do not think there is anything illegal here. Just gross incompetence.
Have not posted in over a year but saw this info about class action and had to check out comments on the lodge. I just called the firm and am awaiting a call back to get information. If they need a lead plaintiff, I am in. Only the lawyers make money but I would love to see these guys go to jail.
I have to agree with WST, a company I have been invested with for years has had numerous actions against them that went no where. They always have the disclaimers in the SEC reports to cover their tracks.
I’m not saying in this particular case but some of these firms seem to be working hand in hand with the shorts to pile on whenever some bad news breaks.