NEW YORK, Oct. 27, 2014 (GLOBE NEWSWIRE) -- Gainey McKenna & Egleston announces that a class action lawsuit has been filed in the United States District Court for the Central District of California, on behalf of all persons who purchased or otherwise acquired Blue Earth Inc. ("Blue Earth" or the "Company") (Nasdaq:BBLU) securities during the period between October 7, 2013 through October 21, 2014, inclusive (the "Class Period"). This class action seeks to recover damages against Defendants for alleged violations of the federal securities laws under the Securities Exchange Act of 1934 (the "Exchange Act").
The Complaint alleges that during the Class Period, Blue Earth overstated the market potential of its UPStealth products. On October 21, 2014 a financial blog published a report on Blue Earth, which asserted, among other things, that the potential market for Blue Earth's UPStealth product was unviable. The blog also cited to what it considered numerous red flags of potential fraud. When this news was disclosed on October 21, 2014, shares of Blue Earth fell over 50%, damaging investors.
If you wish to serve as lead plaintiff, you must move the Court no later than December 23, 2014. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation. If you wish to join the litigation, or to discuss your rights or interests regarding this class action, please contact Thomas J. McKenna, Esq. or Gregory M. Egleston, Esq. of Gainey McKenna & Egleston at (212) 983-1300, or via e-mail at firstname.lastname@example.org or email@example.com.
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Source:Gainey McKenna& Egleston