Press Release
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WALDEN LAW FIRM, PLLC, FILES CLASS ACTION AGAINST SHEARSON FINANCIAL NETWORK, INC.
June 18, 2009 – Walden Law Firm, PLLC (“Walden”) (http://www.waldenlawfirm.com/Cases/Shearson/Shearson.html) today announced that a class action has been commenced in the United States District Court for the Eastern District of Arkansas on behalf of purchasers of Shearson securities between May 7, 2009, and May 12, 2009 (the “Class Period”).
If you wish to serve as lead plaintiff, you must so move the Court no later than 60 days from today. If you wish to discuss this action or have any questions concerning this notice or your rights or interests, please contact plaintiff’s counsel, Richard E. Walden of the Walden Law Firm, PLLC, at 501.907.7000 or, or via e-mail at shearsonlitigation@gmail.com. If you are a member of this class, you can view a copy of the complaint as filed or join this class action online at http://www.waldenlawfirm.com/Cases/Shearson/Shearson.html. Any member of the putative class may move the Court to serve as lead plaintiff through counsel of their choice, or may choose to do nothing and remain an absent class member.
The complaint charges Shearson and certain of its officers and directors with violations of the Securities Exchange Act of 1934. Shearson is a financial services company that conducts business in 47 states throughout the United States.
The complaint alleges that during the Class Period, defendants issued materially false and misleading statements regarding the Company’s emergence from bankruptcy. Particularly, the Company caused a press release to be issued on May 7, 2009, that stated the Company had emerged from bankruptcy. In the press release, the Company used the ticker symbol, SHSNQ, which was the ticker symbol belonging to the Company’s old stock that would ultimately be cancelled. However, at the time that the Company issued the press release the stock listed under the ticker symbol SHSNQ was still trading and had not been cancelled. As a result of defendants’ false and misleading statements, Shearson’s securities traded at artificially inflated prices during the Class Period, reaching a high of $.039 on May 8, 2009.
On May 12, 2009, the Company issued a press release stating among other things the stock trading under the ticker symbol SHSNQ would be cancelled and that Shearson’s new stock would trade under a different ticker symbol.
Plaintiff seeks to recover damages on behalf of all purchasers of Shearson’s securities during the Class Period (the “Class”). The plaintiff is represented by Walden Law Firm, PLLC, which has expertise in prosecuting investor class actions and experience in actions involving financial fraud.
Walden Law Firm, PLLC, is a law firm with an office in Little Rock, Arkansas, is active in major litigations pending in federal and state courts throughout the United States, and has taken a role in many important actions on behalf of defrauded investors. The Walden web site (http://www.waldenlawfirm.com) has more information about the firm.
Contact:
Richard E. Walden
Walden Law Firm, PLLC
8201 Cantrell, Suite 315
Little Rock, AR 72227
Phone: 501.907.7000
shearsonlitigation@gmail.com