6D Global investors may receive additional information about the case by clicking the link "Join this Class Action" above.
According to the complaint, 6D Global, formally known as CleanTech, is a Delaware corporation headquartered in New York. 6D Global is the product of a reverse-merger. CleanTech became a publically-traded company trading on NASDAQ through a reverse merger with shell company Everton Capital Corporation.
The complaint alleges that 6D Global and certain of its executive officers made a series of false and misleading statements during the Class Period, and failed to disclose material adverse facts about the company’s business, operations, and prospects. Specifically, the complaint alleges that the defendants issued materially false and misleading statements to investors and/or failed to disclose that: (1) the company had deficient internal controls, (2) the lack of internal controls allowed Defendant Benjamin Wei (“Wei”) to exert influence and control over the company, (3) the company was engaged in improper and undisclosed material related party transactions, (4) the defendants were engaged in a scheme to manipulate the company’s stock price, and (5) as a result, the company’s public statements were materially false and misleading and/or lacked a reasonable basis at all relevant times.
The Class Period commences on November 3, 2010, when the company filed a Form 10-Q for the third quarter of 2010 ending September 30, 2010. On September 8, 2015, the United States Attorney for the Southern District of New York filed an indictment against Wei and Defendant Seref Dogan Erbek on charges including stock manipulation and fraud. When the true details entered the market, the lawsuit claims that investors suffered damages.
On September 10, 2015, the SEC filed an action against several individual defendants for their participation in a scheme to profit from undisclosed controlling ownership interest in several U.S. companies created by reverse mergers, including 6D Global, which were actually controlled by Defendant Wei.
As a result of the unsealing of the indictment and the filing of the SEC action, on September 10, 2015, NASDAQ halted trading of 6D Global securities, freezing the stock price at $2.90.
If you are a member of the class described above, you may no later than December 14, 2015, move the Court to serve as lead plaintiff of the class, if you so choose.
A lead plaintiff is a representative party that acts on behalf of other class members in directing the litigation. In order to be appointed lead plaintiff, the Court must determine that the class member's claim is typical of the claims of other class members, and that the class member will adequately represent the class. Your ability to share in any recovery is not, however, affected by the decision whether or not to serve as a lead plaintiff. Any member of the purported class may move the court to serve as a lead plaintiff through counsel of their choice, or may choose to do nothing and remain an inactive class member.
Kessler Topaz Meltzer & Check, LLP has not filed a complaint in this matter. If you wish to discuss this action or have any questions concerning this notice or your rights or interests with respect to these matters, please contact Kessler Topaz Meltzer & Check, LLP.
Kessler Topaz Meltzer & Check, LLP
James Maro, Esq.
Adrienne Bell, Esq.
280 King of Prussia Road
Radnor, PA 19087
1-888-299-7706 (toll free) or 1-610-667-7706