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Case Status:    DISMISSED    
On or around 09/29/2009 (Date of order of final judgment)

Filing Date: June 18, 2009

According to a press release dated June 19, 2009, the complaint alleges that during the Class Period, defendants issued materially false and misleading statements regarding the Company’s emergence from bankruptcy. The Company caused a press release to be issued on May 7, 2009, that stated the Company had emerged from bankruptcy. In the press release, the Company used the ticker symbol, SHSNQ to identify itself, which was the ticker symbol belonging to the Company’s old stock which would ultimately be cancelled. However, at the time the Company issued the press release the stock listed under the ticker symbol SHSNQ was still trading and had not been cancelled. As a result of defendants’ false and misleading statements, Shearson’s securities traded at artificially inflated prices during the Class Period, reaching a high of $.039 on May 8, 2009.

On May 11, 2009, the Company issued a press release stating among other things that the stock trading under the ticker symbol SHSNQ would be cancelled and that Shearson’s new stock would trade under a different ticker symbol.

On September 29, 2009, an order granting a a notice of dismissal of defendant Harry R. Kraatz. The plaintiff has previously dismissed Shearson Financial Network, Inc., so both defendants have been dismissed. Therefore, this case is terminated. The motion for appointment of lead plaintiff and approval of his selection of counsel is denied as moot.


Sector: Financial
Industry: Misc. Financial Services
Headquarters: United States


Ticker Symbol: SHSN
Company Market: NASDAQ
Market Status: Public (Listed)

About the Company & Securities Data

"Company" information provides the industry and sector classification and headquarters state for the primary company-defendant in the litigation. In general, "Securities" information provides the ticker symbol, market, and market status for the underlying securities at issue in the litigation.

In most cases, the primary company-defendant actually issued the securities that are the subject of the litigation, and the securities information and company information relate to the same entity. In a small subset of cases, however, the primary company-defendant is not the issuer (for example, cases against third party brokers/dealers), and the securities information and company information do not relate to the same entity.
COURT: S.D. New York
DOCKET #: 09-CV-00447
JUDGE: Hon. J. Leon Holmes
DATE FILED: 06/18/2009
CLASS PERIOD END: 05/12/2009
  1. Walden Law Firm PLLC
No Document Title Filing Date
—Reference Complaint Complaint Related Data is not available
—Related District Court Filings Data is not available