Period: Mar 31, 2012 to May 16, 2014
Lead Plaintiff Deadline: Apr 18, 2017 + Deadline passed
Summary of Case:
A securities class action has been filed against FusionPharm. Inc. ("FusionPharm") on behalf of all persons who purchased or otherwise acquired FusionPharm securitiesbetween March 31, 2012 through May 16, 2014. This case has been filed in the USDC - Colorado.
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 Scott Dittman, FusionPharm's CEO, 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 this company's shares during the Class Period and suffered a loss or for further information about the case, please review the links below.