Glancy Prongay & Murray LLP (GPM), a national investors rights law firm, announces that a class action lawsuit has been filed on behalf of investors that acquired First Choice Healthcare Solutions, Inc. (First Choice or the Company) (OTC: FCHS) securities between April 1, 2014 and November 14, 2018, inclusive (the Class Period). First Choice investors have until May 28, 2019 to file a lead plaintiff motion.
If you are a shareholder who suffered a loss, click here to participate.
If you wish to learn more about this action, or if you have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Lesley Portnoy, Esquire, at 310-201-9150, Toll-Free at 888-773-9224, or by email to [email protected], or visit our website at www.glancylaw.com.
On November 14, 2018, both a criminal indictment and civil action were filed by the U.S. Department of Justice and Securities and Exchange Commission respectively against then-Chief Executive Officer, President, and Board Chairman Christian Romandetti, Sr., along with other alleged co-conspirators. Romandetti was charged regarding his connections with the arrangement of a multi-million dollar pump-and-dump scheme in which the price and volume of First Choice shares was falsely controlled through artificial generation of trading volume and price movements, as well as materially false representations and omissions in communications with investors.
On this news, shares of First Choice fell $0.66 per share, or over 65%, to close at $0.35 on November 15, 2018, thereby injuring investors.
The complaint filed in this class action alleges that throughout the Class Period, Defendants made materially false and misleading statements regarding the Companys business, operational and compliance policies. Specifically, Defendants made false and/or misleading statements and/or failed to disclose that: (1) defendants retained Elite Stock Research, Inc. to falsely promote the Company to materially inflate the price of First Choice stock; (2) the Companys CEO participated and personally profited from a scheme to materially inflate the price of First Choice securities through an unlawful, paid promotional campaign; (3) defendants were in violation of First Choices internal compliance policies by participating in the pump and dump scheme; and (4) a primary cause of fluctuations in First Choices stock price was the unlawful campaign, in which Romandetti directly participated, that caused the price of First Choice stock to be inflated while at the same time allowed others to dump their First Choice stock for profit.
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If you purchased shares of First Choice during the Class Period you may move the Court no later than May 28, 2019 to ask the Court to appoint you as lead plaintiff. To be a member of the Class you need not take any action at this time; you may retain counsel of your choice or take no action and remain an absent member of the Class. If you wish to learn more about this action, or if you have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Lesley Portnoy, Esquire, of GPM, 1925 Century Park East, Suite 2100, Los Angeles California 90067 at 310-201-9150, Toll-Free at 888-773-9224, by email to [email protected], or visit our website at www.glancylaw.com. If you inquire by email please include your mailing address, telephone number and number of shares purchased.
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