NEW YORK, March 8, 2013 (GLOBE NEWSWIRE) -- Gainey McKenna & Egleston today announced that a class action has been commenced in the United States District Court for the District of Colorado on behalf of purchasers of the common stock of Raser Technologies, Inc. ("Raser" or the "Company") (OTC:RZTIQ) between March 17, 2010 and April 29, 2011, inclusive (the "Class Period"), against the auditor of the Company, Hein & Associates LLP ("Hein"), seeking to pursue remedies under the Securities Exchange Act of 1934 (the "Exchange Act").
If you wish to serve as lead plaintiff, you must move the Court no later than May 7, 2013. If you wish to discuss this action or have any questions concerning this notice or your rights or interests, please contact plaintiff's counsel, Thomas J. McKenna, Esq. of Gainey McKenna & Egleston at (212) 983-1300, or via e-mail at firstname.lastname@example.org. Any member of the putative class may move the Court to serve as lead plaintiff through counsel of their choice, or may choose to do nothing and remain an absent class member.
The Complaint alleges that the Company's audited financial statements, which were contained within the 2009 Form 10-K and 2010 Form 10-K and which were distributed to the investing public during the Class Period, were not presented fairly in conformity with generally accepted accounting principles because: (i) the accounting principles selected and applied in the preparation of the Company's 2009 and 2010 year-end financial statements did not have general acceptance; (ii) the accounting principles which pervasively impacted the Company's 2009 and 2010 year-end financial statements were not appropriate in the circumstances; (iii) the Company's 2009 and 2010 year-end financial statements, including the related notes, were not informative of matters that affected their use, understanding, and interpretation; and (iv) the Company's 2009 and 2010 year-end financial statements did not reflect the underlying events and transactions in a manner that presented the financial position and the results of operations within a range of acceptable limits that were reasonable and practicable to attain in financial statements. Accordingly, the Complaint alleges Hein was required by GAAS (AU Section 508) to express qualified opinions thereon, but that it failed to do so.
Plaintiff seeks to recover damages on behalf of all purchasers of Raser common stock during the Class Period. The plaintiff is represented by Gainey McKenna & Egleston (http://www.gme-law.com), whose attorneys have decades of experience in prosecuting securities class actions and investor class actions throughout the United States.
CONTACT: Thomas J. McKenna, Esq. Gainey & McKenna (212) 983-1300 email@example.comSource: Gainey & McKenna