NEW YORK–(BUSINESS WIRE)–Faruqi & Faruqi, LLP, a leading national securities law firm, reminds
investors in First Choice Healthcare Solutions, Inc. (“First Choice” or
the “Company”)(Other OTC:FCHS) of the May 28, 2019 deadline to seek the
role of lead plaintiff in a federal securities class action that has
been filed against the Company.
If you invested in First Choice stock or options between April 1,
2014 and November 14, 2018 and would like to discuss your legal
rights, click here: www.faruqilaw.com/FCHS.
There is no cost or obligation to you.
You can also contact us by calling Richard Gonnello toll free at 877-247-4292
or at 212-983-9330 or by sending an e-mail to [email protected].
The lawsuit has been filed in the U.S. District Court for the Middle
District of Florida on behalf of all those who purchased First Choice
common stock between April 1, 2014 and November 14, 2018 (the “Class
Period”). The case, Maz Partners LP v. First Choice Healthcare
Solutions, Inc. et al., No. 6:19-cv-00619 was filed on March 29,
2019 and has been assigned to Judge Paul G. Byron.
The lawsuit focuses on whether the Company and its executives violated
federal securities laws by failing to disclose their involvement in a
pump and dump scheme that manipulated and artificially inflated the
price of First Choice common stock, rendering certain of their public
statements materially misleading.
On November 14, 2018, the DOJ filed its criminal indictment against
Romandetti and his co-conspirators. On November 15, 2018, the DOJ issued
a press release announcing the indictment and that it had charged
Romandetti “and his associates Frank Sarro, Jeffrey Miller, and Mark
Burnett with conducting a pump and dump scheme in coordination with
Elite Stock Research (ESR), a boiler room, to defraud investors in
FCHS…. The charges include conspiracies to commit securities fraud,
wire fraud and money laundering, and substantive securities fraud.”
That same day, the SEC filed a complaint and issued a press release
announcing its charges “for defrauding elderly and unsophisticated
investors.” The SEC alleged that Romandetti, Elite Stock Research, Mark
Burnett, Jeffrey Miller, Anthony Vassallo and Frank Sarro, manipulated
First Choice’s “shares generating more than $3.3 million of illegal
profits and more than $560,000 in kickbacks for Romandetti.”
On this news, First Choice’s share price fell from $1.01 per share on
November 14, 2018 to a closing price of $0.35 on November 15, 2018: a
$0.66 or a 65.35% drop.
The court-appointed lead plaintiff is the investor with the largest
financial interest in the relief sought by the class who is adequate and
typical of class members who directs and oversees the litigation on
behalf of the putative class. 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. Your ability
to share in any recovery is not affected by the decision to serve as a
lead plaintiff or not.
Faruqi & Faruqi, LLP also encourages anyone with information regarding
First Choice’s conduct to contact the firm, including whistleblowers,
former employees, shareholders and others.
Attorney Advertising. The law firm responsible for this advertisement is
Faruqi & Faruqi, LLP (www.faruqilaw.com).
Prior results do not guarantee or predict a similar outcome with respect
to any future matter. We welcome the opportunity to discuss your
particular case. All communications will be treated in a confidential
FARUQI & FARUQI, LLP
685 Third Avenue, 26th Floor
York, NY 10017
Attn: Richard Gonnello, Esq.
(877) 247-4292 or (212) 983-9330