From the Wires
Hagens Berman Files Securities Class Action on Behalf of Purchasers of Mantria-Related Securities
By: PR Newswire
Dec. 31, 2012 08:00 PM
SEATTLE, Dec. 31, 2012 /PRNewswire/ -- Hagens Berman Sobol Shapiro, LLP ("Hagens Berman") today announced the filing of a class-action securities lawsuit on behalf of a proposed class of investors who purchased securities issued by Mantria Corporation ("Mantria") and related entities during the period from September 1, 2007 through November 16, 2009 (the "Class Period"), inclusive.
Investors who purchased or otherwise acquired these securities during the Class Period are encouraged to contact Hagens Berman attorney Anthony Shapiro at 206-623-7292 or to contact the Hagens Berman legal team through e-mail at Mantria@hbsslaw.com to discuss their legal rights.
Investors who wish to serve as lead plaintiff in the case must move the court no later than sixty days from the date of this notice. Any member of the proposed 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. Class members need not seek to become a lead plaintiff in order to share in any possible recovery.
Hagens Berman's lawsuit, filed November 15, 2011 in the United States District Court for the District of Colorado, alleges that certain of Mantria's former officers violated the Securities Exchange Act of 1934, the Pennsylvania Securities Act and the Colorado Securities Act, and also includes various common law claims.
The Complaint alleges that Mantria, through 11 operating divisions and 32 wholly owned or affiliated companies, purported to be primarily engaged in the development of several planned residential communities in rural Tennessee, and the production and sale of "biochar" – a charcoal substitute made from organic waste. In addition to these primary ventures, Mantria also claimed, in various investment offerings, to have diverse operations ranging from mortgage banking to hip-hop record production.
The Complaint alleges that Mantria raised more than $54 million from more than 300 investors in securities issued by Mantria Corporation or Mantria-related entities, including the following:
The Complaint further alleges that despite Mantria's supposed business empire, its operations generated no revenue with which to pay the touted extraordinary investment returns. Instead, Mantria only paid investor returns using offering proceeds from new investors in a classic Ponzi scheme fashion, in violation of federal and state laws. The plaintiff in the case seeks to recover damages on behalf of the class and is represented by Hagens Berman Sobol Shapiro, LLP and Saltz, Mongeluzzi, Barrett & Bendesky, P.C.
Seattle-based Hagens Berman Sobol Shapiro, LLP, is one of the top class-action law firms in the nation, with offices in ten cities across the country. Founded in 1993, we represent plaintiffs in class actions and multi-state, large-scale litigation that seek to protect the rights of investors, consumers, workers and whistleblowers. More information about the firm is available at www.hbsslaw.com. Hagens Berman has many years of experience prosecuting investor class actions and actions involving financial fraud. The firm's securities practice is located at www.hb-securities.com.
Saltz Mongeluzzi Barrett & Bendesky, PC, is one of the nation's leading trial law firms. Its attorneys have secured more than 200 verdicts and settlements over $1 million for its clients.
Firmani + Associates Inc.
If you have any questions about this notice, the action, your rights or your interests, please contact:
Hagens Berman Sobol Shapiro, LLP
SOURCE Hagens Berman Sobol Shapiro, LLP
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