MINNEAPOLIS, June 21, 2007 (PRIME NEWSWIRE) -- Charles H. Johnson & Associates announces that a class action has been commenced in the United States District Court for the Southern District of New York on behalf of purchasers of Optionable, Inc. ("Optionable" or the "Company") (Nasdaq:OPBL) publicly traded securities during the period May 6, 2005 through May 10, 2007 (the "Class Period).
If you are a member of the proposed Class, you may move the court to serve as a lead plaintiff for the Class on or before July 10, 2007. You do not need to be a lead plaintiff in order to share in any recovery that may be obtained.
The Complaint alleges that during the Class Period, Defendants issued materially false statements and made material omissions regarding its business fundamentals, and in particular, that Defendants failed to disclose the material dependence it had on its largest client, the Bank of Montreal ("BMO"), and that Optionable improperly concealed material losses incurred by BMO in connection with trades BMO transacted through Optionable.
On April 27, 2007, BMO announced that it had lost between $300 to $400 million on trades executed through Optionable. In response to this disclosure, the Company's stock dropped 33%. Then, on May 8, 2007, it was disclosed that Deloitte & Touche LLP had conducted an audit of the trades BMO had conducted with Optionable and found that there had been "serious mismarking of the book of natural gas options." On this news, the price of Optionable fell further to $0.84, representing a total drop of nearly 90%. During the Class Period, Optionable stock traded as high as $9.10 per share.
If you purchased Optionable, Inc. securities during the Class Period, or have any questions concerning this notice or your rights with respect to this matter, please contact:
Neal Eisenbraun, Esq. (cjohnsonlaw@gmail.com) Charles H. Johnson & Associates 2599 Mississippi Street New Brighton, MN 55112 (651) 633-5685