Cases
Fusion Pharm, Inc. (OTC BB: FSPM)
Securities Class Action
Overview
Overview
- Date:
- 2/23/2017
- Company Name:
- Fusion Pharm, Inc.
- Stock Symbol:
- FSPM
- Class Period:
- FROM 3/31/2012 TO 5/16/2014
- Status:
- Closed/Complete
- Court:
- U.S. District Court: Colorado
NEW YORK, February 23, 2017 – Bragar Eagel & Squire, P.C. announces that a class action lawsuit has been filed in the United States District Court for the District of Colorado on behalf of all persons or entities who acquired Fusion Pharm, Inc. (OTC BB: FSPM) securities between March 31, 2012 and May 16, 2014 (the “Class Period”).
The Complaint alleges that defendants caused the Company to issue materially misleading statements and/or omit material information concerning the Company's business, operations and prospects in violation of Sections 10(b) and 20(a) of the Securities Exchange Act of 1934. In particular, the Complaint alleges that defendants caused the Company to issue materially misleading representations and/or omit material information regarding the Company's purported revenues and sales of its PharmPods during the Class Period. On September 16, 2016, the SEC instituted cease-and-desist proceeding against FusionPharm's CEO Scott Dittman, William J. Sears, and several entities owned and/or controlled by Sears in connection with a fraudulent stock selling scheme. According to the cease-and-desist orders, Sears and Dittman caused FusionPharm to transfer convertible notes to entities owned by Sears in exchange for fake "debt." The convertible notes were then fraudulently exchanged for FusionPharm common stock, which the Sears'-owned entities sold to the investing public, with significant portions of the proceeds round-tripped back to the Company and reported as revenue from the sale of PharmPods, artificially inflating the Company's stock price.
If you purchased or otherwise acquired Fusion Pharm securities during the Class Period and suffered a loss or continue to hold shares purchased prior to the Class Period, have information, would like to learn more about these claims, or have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Melissa A. Fortunato, Esq. by email at investigations@bespc.com, or telephone at (212) 355-4648, or by filling out the contact form below. There is no cost or obligation to you.
The Complaint alleges that defendants caused the Company to issue materially misleading statements and/or omit material information concerning the Company's business, operations and prospects in violation of Sections 10(b) and 20(a) of the Securities Exchange Act of 1934. In particular, the Complaint alleges that defendants caused the Company to issue materially misleading representations and/or omit material information regarding the Company's purported revenues and sales of its PharmPods during the Class Period. On September 16, 2016, the SEC instituted cease-and-desist proceeding against FusionPharm's CEO Scott Dittman, William J. Sears, and several entities owned and/or controlled by Sears in connection with a fraudulent stock selling scheme. According to the cease-and-desist orders, Sears and Dittman caused FusionPharm to transfer convertible notes to entities owned by Sears in exchange for fake "debt." The convertible notes were then fraudulently exchanged for FusionPharm common stock, which the Sears'-owned entities sold to the investing public, with significant portions of the proceeds round-tripped back to the Company and reported as revenue from the sale of PharmPods, artificially inflating the Company's stock price.
If you purchased or otherwise acquired Fusion Pharm securities during the Class Period and suffered a loss or continue to hold shares purchased prior to the Class Period, have information, would like to learn more about these claims, or have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Melissa A. Fortunato, Esq. by email at investigations@bespc.com, or telephone at (212) 355-4648, or by filling out the contact form below. There is no cost or obligation to you.