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WILMINGTON, Del., April 10, 2019 (GLOBE NEWSWIRE) -- Rigrodsky & Long, P.A.:
Rigrodsky & Long, P.A. announces that a complaint has been filed in the United States District Court for the Middle District of Florida on behalf of all persons or entities that purchased the common stock of First Choice Healthcare Solutions, Inc. (“First Choice” or the “Company”) (OTC QB: FCHS) between April 1, 2014 and November 14, 2018, inclusive (the “Class Period”), alleging violations of the Securities Exchange Act of 1934 against the Company and certain of its officers (the “Complaint”).
If you purchased shares of First Choice during the Class Period, or purchased shares prior to the Class Period and still hold First Choice, and wish to discuss this action or have any questions concerning this notice or your rights or interests, please contact Seth D. Rigrodsky or Timothy J. MacFall at Rigrodsky & Long, P.A., 300 Delaware Avenue, Suite 1220, Wilmington, DE 19801, by telephone at (888) 969-4242, by e-mail at firstname.lastname@example.org, or at http://rigrodskylong.com/contact-us/.
The Complaint alleges that throughout the Class Period, defendants made materially false and misleading statements, and omitted materially adverse facts, about the Company’s business, operations and prospects. Specifically, the Complaint alleges that the defendants concealed from the investing public that: (i) Defendants retained Elite Stock Research to falsely promote the Company to investors in order to materially inflate the price of First Choice stock; (ii) the Company, through Romandetti, participated in a scheme to materially inflate the price of First Choice through an unlawful, paid promotional campaign, which enabled Romandetti to personally profit from the scheme; (iii) Defendants were in violation of the Company’s internal compliance policies including its Compliance Program, the Code of Ethics and Disclosure Policy by participating in the pump and dump scheme; and (iv) a primary cause of fluctuations in First Choice’s stock price was an unlawful campaign, in which defendant Romandetti directly participated, that caused the price of First Choice stock to be inflated, and at the same time, allowed others to dump their shares of First Choice stock for profit. As a result of defendants’ alleged false and misleading statements, the Company’s stock traded at artificially inflated prices during the Class Period.
According to the Complaint, on November 14, 2018, the United States Department of Justice (“DOJ”) filed a criminal indictment, and on November 15, 2018, the Securities and Exchange Commission (“SEC”) filed a civil action, against First Choice’s then-Chief Executive Officer, President, and Board Chairman Christian Romandetti, Sr. and certain alleged co-conspirators, charging them with securities fraud in connection with the orchestration of a multi-million dollar pump-and-dump scheme. The DOJ indictment and SEC complaint allege that Romandetti and his co-conspirators, through various manipulative practices, defrauded investors in First Choice securities “by artificially controlling the price and volume of traded shares in [First Choice] through, inter alia: (a) artificially generating price movements and trading volume in the shares; and (b) material misrepresentations and omissions in their communications with victim investors about the stock of [First Choice] . . . .”
On this news, shares of First Choice declined over 65%, closing at $0.35 per share on November 15, 2019, on heavy trading volume.
If you wish to serve as lead plaintiff, you must move the Court no later than May 28, 2019. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation. 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.
Rigrodsky & Long, P.A., with offices in Delaware, New York, and California, has recovered hundreds of millions of dollars on behalf of investors and achieved substantial corporate governance reforms in numerous cases nationwide, including federal securities fraud actions, shareholder class actions, and shareholder derivative actions.
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