Hein & Associates LLP : Raser Technologies, Inc. Securities Litigation
On or around 05/09/2013 (Notice of voluntarily dismissal)
Filing Date: February 25, 2013
According to the Complaint, the Company reported the completion of a new geothermal power plant in Beaver County, Utah called “Thermo No. 1" in 2008.
The Complaint alleges that due to an insufficient output level, Thermo No. 1 plant was impaired and the carrying value of the Thermo No. 1 plant was required to be written down by a charge to earnings as of year-end 2009 for accounting purposes pursuant to Statement of Financial Accounting Standards No. 144. It is alleged that this process was not done, and accordingly the carrying value for the plant, as reflected in the Company’s publicly reported 2009 year-end financial statements, was materially overstated.
The Complaint charges that Defendant accounting firm either knew and ignored or recklessly failed to know these facts as of year-end 2009 and during the performance of its 2009 audit. Accordingly, Defendant failed to issue a qualified opinion on the Company's 2009 financial statements.
On May 9, 2013, Notice was filed that pursuant to Fed. R. Civ. P. 41(a)(1), Plaintiff voluntarily dismisses his claims without prejudice. This case was terminated.
Company & Securities Information
Defendant: Raser Technologies, Inc.
Industry: Misc. Financial Services
Headquarters: United States
Ticker Symbol: RZTIQ
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.
First Identified Complaint
Wayne K. Schiele, et al. v. Hein & Associates LLP, et al.
COURT: D. Colorado
DOCKET #: 13-CV-00488
JUDGE: Hon. Robert E. Blackburn
DATE FILED: 02/25/2013
CLASS PERIOD START: 03/17/2010
CLASS PERIOD END: 04/29/2011
PLAINTIFF FIRMS NAMED IN COMPLAINT:
Dyer & Berens LLP 303 East 17th Avenue, Suite 300, Dyer & Berens LLP, CO 80203 303.861.1764 303.861.1764 ·
Gainey McKenna & Egleston 440 Park Avenue South, 5th Floor, Gainey McKenna & Egleston, NY 10016 212.983.1300 212.983.0380 ·
First Identified Complaint (FIC) Filings:
Class Action Complaint and Jury Demand
U.S. District Court Civil Docket
Notice of Voluntary Dismissal Without Prejudice
—Reference Complaint Complaint Related Data is not available
Related District Court Filings
—Related District Court Filings Data is not available