NEW YORK, Oct. 3, 2014 (GLOBE NEWSWIRE) -- Wolf Haldenstein Adler Freeman & Herz LLP announces that a class action lawsuit has been filed against Altair Nanotechnologies, Inc. ("Altair" or the "Company") (OTCBB:ALTI) and certain of its officers. The class action was filed in United States District Court for the Southern District of New York and is brought on behalf of a class consisting of all persons or entities, which purchased Altair securities between May 15, 2013 and September 4, 2014, inclusive (the "Class Period").
On September 4, 2014, the Company filed a Form 8-K with the SEC announcing that on August 28, 2014, Crowe Horwath LLP ("Crowe") had resigned as the Company's independent registered public accounting firm. According to the Form 8-K, Crowe's resignation letter to the Company stated that Crowe was resigning due to its inability to complete the audit of the Company's financial statements for the year ended 2013. Crowe could not complete the audit, in part, because it could not perform sufficient procedures to determine the completeness of reporting of subsequent events transactions that may have occurred in China. Moreover, Crowe indicated that it was resigning, in part, due to the Company's material weakness relative to implementing controls and procedures to ensure accurate and timely communications between the Company's subsidiaries in China and its U.S.-based accounting team.
On this news, NASDAQ halted Altair's shares during the trading day on September 4, 2014 at $4.30 per share. Shares of Altair resumed trading on September 24, 2014, and as a result of this news, immediately fell $3.35 per share, a drop of nearly 78% from the halted price of $4.30 on September 4, 2014, to close at $0.95 on September 24, 2014.
If you purchased Altair Nanotechnologies, Inc. common stock during the Class Period, you may move to be appointed as lead plaintiff by November 25, 2014. A lead plaintiff is a representative party that acts on behalf of other class members in directing the litigation. Your ability to share in any recovery is not, however, affected by the decision whether or not to serve as a lead plaintiff. You may retain Wolf Haldenstein, or other counsel of your choice, to serve as your counsel in this action.
Wolf Haldenstein has extensive experience in the prosecution of securities class actions and derivative litigation in state and federal trial and appellate courts across the country. The firm has over 70 attorneys in various practice areas; and offices in New York, Chicago and San Diego. The reputation and expertise of this firm in shareholder and other class litigation has been repeatedly recognized by the courts, which have appointed it to major positions in complex securities multi-district and consolidated litigation.
If you wish to discuss this action or have any questions regarding your rights and interests in this case, please contact Wolf Haldenstein Adler Freeman & Herz LLP by telephone at (800) 575-0735, via e-mail at classmember@whafh.com, or visit our website at www.whafh.com. All e-mail correspondence should make reference to the "Altair Investigation."
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