Energy News / Shareholders Foundation, Inc.

Deadline Upcoming in $5.9 Million Settlement in the Star Scientific Inc (NASDAQ: STSI) Investor Lawsuit

Via: ReleaseWire

Updated 8:45 AM CDT, Tue, April 14,2015

A settlement was reached in the lawsuit filed on behalf of certain investors of Star Scientific Inc (NASDAQ: STSI) over alleged securities laws violations and a deadline to submit the settlement claim is upcoming on June 11, 2015 and Investors in Star Scientific Inc (NASDAQ: STSI) should contact the Shareholders Foundation.

San Diego, CA -- (ReleaseWire) -- 04/14/2015 -- A deadline is coming up on June 11, 2015 in the settlement reached in the securities class action lawsuit filed behalf of investors who purchased shares Star Scientific Inc (NASDAQ: STSI) between May 10, 2011 and September 12, 2014.

Investors who purchased a significant amount of shares of Star Scientific Inc (NASDAQ: STSI) ) between May 10, 2011 and September 12, 2014, have certain options and should contact the Shareholders Foundation by email at mail@shareholdersfoundation.com or call +1(858) 779 - 1554.

The settlement proof of claim form or detailed settlement notice for the settlement in Star Scientific Inc (NASDAQ: STSI) Investor Lawsuit can be downloaded at: http://shareholdersfoundation.com/case/bear-stearns-mortgage-backed-securities-investor-securities-class-action-lawsuit-08202008

In order to submit a claim an investor has to submit the claim proof to the class action claim administrator in a timely manner. The deadline to submit the proof with the class administrator is June 11, 2015. The class action administrator for this case is Angeion Group.

The lawsuit was originally filed in in the U.S. District Court for the Eastern District of Virginia against Star Scientific Inc over alleged violations of Federal Securities Laws in connection with certain allegedly false and misleading statements made between October 31, 2011 and March 18, 2013.

According to the complaint the plaintiff alleges on behalf of all persons or entities who purchased or otherwise acquired securities of Star Scientific Inc (NASDAQ: STSI) between October 31, 2011 and March 18, 2013, that Star Scientific Inc and certain of its officers violated the Securities Exchange Act of 1934. More specifically, the plaintiff alleges that Defendants allegedly made false and/or misleading statements and/or failed to disclose that Star Scientific Inc engaged in potentially illegal transactions involving certain private placements and related party transactions since 2006 involving Star Scientific Inc securities.

On January 23, 2012, a report was published that alleged that Star Scientific Inc misled investors about the involvement of Johns Hopkins University in the clinical testing of the company's retail nutritional supplement anatabine.

On Jan 28, 2013, Star Scientific Inc commented on the report from January 23, 2013. Star Scientific Inc said that the report contained numerous false and misleading statements regarding the Company's anatabine research and the initial results of the ASAP Human Thyroid Health Study released by Star Scientific on January 7, 2013.

In January and February 2013 Star Scientific Inc received subpoenas from the US Attorney's office investigating transactions in Star Scientific's securities, including related party transactions, dating back to 2006. On March 18, 2013, Star Scientific Inc disclosed this investigation to investors, announcing that the Company and its directors had received subpoenas from the US Attorney's office. The Company also announced that it was conducting an internal investigation regarding these transactions.

Those who purchased shares of Star Scientific Inc (NASDAQ: STSI) 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

For more information on this press release visit:
http://www.releasewire.com/press-releases/deadline-upcoming-in-59-million-settlement-in-the-star-scientific-inc-nasdaq-stsi-investor-lawsuit-591837.htm

Media Relations Contact
Michael Daniels
858-779-1554
Email: Click to Email Michael Daniels
Web: http://www.ShareholdersFoundation.com