If you have purchased shares of Valley Forge Composite Technologies, Inc (OTCMKTS:VLYF) between January 1, 2009 and February 6, 2013, call 1-800-934-2921 right now to protect your rights.
Filing deadline: 12/09/2013
The complaint is made on behalf of each entity or individual person acquiring shared in Valley Forge Composite Technologies during the stated time period. It is alleged that the defendant company committed violations of the 1934 Securities Exchange Act. In specific terms, the plaintiff in the lawsuit claims that the defendants successfully manipulated the company's common stock prices by making demonstrably false representations and/or making material omissions when describing the company's product offerings and sales earnings.
According to the allegations contained in the complaint, the defendants represented falsely that all or most of the company's revenues from 2009 onward came specifically from the sale of momentum wheels, which are a known aerospace industry product, when in fact, Valley Forge Composite Technologies' revenues actually came from illegal exports to Hong Kong of semiconductors.
It is alleged by the plaintiff that on February 6 of this year, the defendant company revealed to the public information about allegations the U.S. Attorney's Office had lodged, accusing Valley Forge Composite Technologies of exporting at least $37 million in semiconductors to recipients in Hong Kong. Such activity, if true, would constitute a breach of the International Traffic In Arms Regulations. Furthermore, it was revealed at that time that the company's bank accounts had been seized by the office of the U.S. Attorney.
According to reporting from Valley Forge Composite Technologies, Inc., its yearly total revenue grew from roughly $3.20 million back in 2009 to roughly $18.68 million in 2011. The company also indicated that its 2009 net loss of $2.04 million shrunk to a net loss of $1.48 million by the time 2010 ended. The share price of the company increased from $0.08 at the start of the period at issue to $2.61 by May of 2010. Further, Valley Forge Composite Technologies asserted that its 2010 total revenue of $18.68 million dropped to $14.99 for 2011.
Notably, shares in the company dropped to a low of $0.02 apiece on October 7 of this year, down from $2.61 a share during May 2010. October 17 of 2013 saw shares of the company closing at $0.029.
Own shares of Valley Forge Composite Technologies, Inc (OTCMKTS:VLYF)? Contact us to protect your rights.
If you have purchased shares of Valley Forge Composite Technologies, Inc (OTCMKTS:VLYF) between January 1, 2009 and February 6, 2013, call 1-800-934-2921 right now to protect your rights. Complete the form on this page or call attorney Bill Kyros at 1-800-934-2921 right now to protect your rights.