A settlement was reached in the lawsuit filed on behalf of certain investors in shares of HearUSA Inc (OTC: HEARQ) over alleged securities laws violations and a deadline to submit the settlement claim is upcoming on: October 27, 2014. OTC: HEARQ investors should contact the Shareholders Foundation or send an email to email@example.com
San Diego, CA -- (SBWIRE) -- 09/26/2014 -- A deadline is coming up on October 27, 2014 in the settlement reached in the securities class action lawsuit filed on behalf of investors who purchased shares of HearUSA Inc (OTC: HEARQ) between January 18, 2011 and July 31, 2011.
If you invested a significant amount of shares of HearUSA Inc (OTC: HEARQ) between January 18, 2011 and July 31, 2011, you have certain options and you should contact the Shareholders Foundation by email at firstname.lastname@example.org or call +1(858) 779 - 1554.
To download the settlement proof of claim form or detailed settlement notice go to:
In order to submit a claim an investor has to submit the claim proof to the class action claim administrator in a timely manner. The deadline to submit the proof with the class administrator is October 27, 2014. The class action administrator for this case is Heffler Claims Group LLC.
The lawsuit was originally filed in in the U.S. District Court for the District of New Jersey against Siemens Hearing Instruments over alleged violations of Federal Securities Laws in connection with certain allegedly false and misleading statements made between January 18, 2011 and July 31, 2011.
According to the complaint the plaintiff alleges that Siemens Hearing Instruments Inc violated the Securities Exchange Act of 1934 by issuing a number of allegedly false and/or misleading statements in its public filings which caused HearUSA Inc (OTC: HEARQ) stock to decline.
Siemens Hearing Instruments Inc is engaged, in part, in the manufacture of hearing products, and HearUSA Inc was involved in the distribution of Siemens Hearing Instruments Inc’s hearing products.
Specifically the plaintiff alleges that Siemens Hearing Instruments Inc engaged in a fraudulent scheme to drive down the price of HearUSA Inc (OTC: HEARQ) common stock in an attempt to acquire HearUSA Inc’s assets for less than their fair market value by, in part, filing false and misleading statements with the U.S. Securities and Exchange Commission (“SEC”).
Additionally the complaint claims, Siemens Hearing Instruments Inc allegedly made a number of false and/or misleading statements that Siemens Hearing Instruments Inc at no point had the intention to acquire HearUSA Inc, despite the fact that it had been in the advanced stages of a negotiated buyout process for HearUSA Inc.
The plaintiff says that the public filings further stated that Siemens Hearing Instruments Inc, if it wanted to acquire HearUSA Inc, could do so at no consideration to shareholders because of debts owed to Siemens Hearing Instruments Inc by HearUSA Inc. But the complaint alleges that this assertion misrepresented the status and extent of the debt owed to Siemens Hearing Instruments Inc by HearUSA Inc and Siemens Hearing Instruments Inc’s ability to acquire HearUSA Inc pursuant to the credit agreement entered into between the two companies. The complaint alleges that, in making these statements, Siemens Hearing Instruments Inc effectively told the market that HearUSA Inc stock was worthless, and that the market responded accordingly.
Shares of HearUSA Inc (OTC: HEARQ) traded during May 2011 as low as $0.28 per share.
Then on May 16, 2011 HearUSA Inc voluntarily filed for chapter 11 protection and on July 25, 2011 HearUSA Inc (OTC: HEARQ) disclosed in a bankruptcy court filing that it received a bid to acquire substantially all of its assets from Audiology Distribution LLC, which is an affiliate of Siemens Hearing Instruments Inc.
Shares of HearUSA Inc (OTC: HEARQ) jumped from $0.35 per share on July 29, 2011 to $0.88 per share on August 1, 2011.
Those who purchased shares of HearUSA Inc (OTC: HEARQ) have certain options and should contact the Shareholders Foundation.
Shareholders Foundation, Inc.
3111 Camino Del Rio North - Suite 423
92108 San Diego