posted
May 12, 2007 11:11:00 AM NEW YORK, NY -- (MARKET WIRE) -- 05/12/07 -- On May 11, 2007, the law firm of Sarraf Gentile LLP commenced a securities fraud class action lawsuit on behalf of those investors who acquired the securities of Optionable Inc. (OTCBB: OPBL) ("Optionable" or the "Company") during the period May 6, 2005 to May 10, 2007, inclusive (the "Class Period"). The lawsuit is pending in the United States District Court for the Southern District of New York and names as defendants Optionable Inc. and certain of its top executives.
The Complaint alleges that Optionable and certain of its officers and directors violated the federal securities laws by making misleading statements concerning the Company's business prospects and growth. Specifically, throughout the Class Period, Defendants failed to disclose the following facts: (i) Optionable was engaged in improper deals with its biggest client, the Bank of Montreal ("BMO"); (ii) Optionable's business was extremely dependent upon BMO; and (iii) Defendants were able to retain BMO only because they helped its star options trader mismark options, falsify the trading price at which BMO traded those options, and hide massive losses incurred by BMO as a result of those trades. While the stock was trading at artificially inflated prices, as a result of this fraudulent scheme, Defendants sold shares of Optionable, for proceeds of over $28 million.
On April 27, 2007, BMO announced that it had lost between $300 to $400 million on trades executed through Optionable. In response to this disclosure, the Company's stock dropped 33%. Then, on May 8, 2007, BMO announced it was suspending all of its business relationships with Optionable. Finally, on May 10, 2007, it was disclosed that Deloitte & Touche LLP had conducted an audit of the trades BMO had conducted with Optionable and found that there had been "serious mismarking of the book of natural gas options." On this news, the price of Optionable fell further to $0.84, representing a total drop of nearly 90%. During the Class Period, Optionable stock traded as high as $9.10 per share.
Plaintiff is represented by the law firm of Sarraf Gentile LLP, which has extensive experience in the prosecution of class actions on behalf of investors.
If you bought the securities of Optionable between May 6, 2005 and May 10, 2007, you may, no later than July 10, 2007, move the Court to appoint you as lead plaintiff, a representative party that acts on behalf of other class members. The Court must determine whether the class member's claim is typical of other class members' claims, and whether the class member will adequately represent the class. Your ability to share in any recovery is not, however, affected by the decision whether or not to serve as a lead plaintiff. You may retain Sarraf Gentile LLP or other counsel of your choice, to serve as your counsel in this action.
If you would like to participate in this action or would like additional information about the lawsuit, please contact Joseph Gentile at Sarraf Gentile LLP, 485 Seventh Avenue, Suite 1005, New York, New York 10018 (telephone: 212-868-3610; e-mail: joseph*sarrafgentile.com).
Contact: Joseph Gentile Email Contact SARRAF GENTILE LLP 485 Seventh Avenue, Suite 1005 New York, NY 10018 T 212.868.3610 F 212.918.7967 www.sarrafgentile.comPosts: 2503 | From: connecticut | Registered: Mar 2005
| IP: Logged |
posted
OK , can some one tell me why would this run with a pending lawsuit against it? I am just wondering not bashing , Thanks
Posts: 1986 | From: Florida | Registered: Mar 2006
| IP: Logged |
quote:Originally posted by Gary59: OK , can some one tell me why would this run with a pending lawsuit against it? I am just wondering not bashing , Thanks
it`s down over 90 percent since the suit was filed!!! there may be small pops here and there but i would hardly consider it a run. bag holders dumping for whatever they can, day traders flipping it for a quick buck, threads like this hyping a B/S stock! without posting VERY relevant FACTS!!, could be halted or suspended any minute!! everything about this SCREAMS stay AWAY!!! good luck!!!!
Posts: 2503 | From: connecticut | Registered: Mar 2005
| IP: Logged |
quote:Originally posted by RCAnalyst2007: bouncing now to high close.. tomorrow this will open high towards 1.00
I was thinking more like .20 area, it`s all over the news!! not getting anymore buisness anytime soon. might even get suspended before the open. IMO!!!
Posts: 2503 | From: connecticut | Registered: Mar 2005
| IP: Logged |
posted
NEWS OUT!!!!----------- Law Offices of Brodsky & Smith, LLC Announces Class Action Lawsuit Against Optionable, Inc. May 16, 2007 8:10:00 AM BALA CYNWYD, PA -- (MARKET WIRE) -- 05/16/07 -- Law offices of Brodsky & Smith, LLC announces that a securities class action lawsuit has been filed on behalf of shareholders who purchased the common stock and other securities of Optionable, Inc. (OTCBB: OPBL) ("Optionable" or the "Company") between May 6, 2005 and May 10, 2007, inclusive (the "Class Period). The class action lawsuit was filed in the United States District Court for the Southern District of New York.
The Complaint alleges that defendants violated federal securities laws by issuing a series of material misrepresentations to the market, thereby artificially inflating the price of Optionable.
No class has yet been certified in the above action. Until a class is certified, you are not represented by counsel unless you retain one. If you purchased this stock during the above referenced class period you have certain rights. To be a member of the class you need not take any action at this time, and you may retain counsel of your choice. If you want to discuss your legal rights, you may e-mail or call the law office of Brodsky & Smith, LLC who will, without obligation or cost to you, attempt to answer your questions. You may contact Evan J. Smith, Esquire or Marc L. Ackerman, Esquire at Brodsky & Smith, LLC, Two Bala Plaza, Suite 602, Bala Cynwyd, PA 19004, by e-mail at clients*brodsky-smith.com, or by calling toll free 877-LEGAL-90.
Contact: Evan J. Smith, Esquire Marc L. Ackerman, Esquire Brodsky & Smith, LLC Two Bala Plaza, Suite 602 Bala Cynwyd, PA 19004 e-mail: Email Contact toll free: 877-LEGAL-90
Posts: 2503 | From: connecticut | Registered: Mar 2005
| IP: Logged |
posted
MADMONEY: QUOTE]I was thinking more like .20 area, it`s all over the news!! not getting anymore buisness anytime soon. might even get suspended before the open. IMO!!! [/QB][/QUOTE]
Looks like you'll be right...heading for the 20s as we speak...ouch!
quote:Originally posted by clintonj: MADMONEY: QUOTE]I was thinking more like .20 area, it`s all over the news!! not getting anymore buisness anytime soon. might even get suspended before the open. IMO!!!
Looks like you'll be right...heading for the 20s as we speak...ouch! [/QB][/QUOTE] not surprised, now there are TWO class action suits being brought against the company!! look out below!!!!!
Posts: 2503 | From: connecticut | Registered: Mar 2005
| IP: Logged |
quote:Originally posted by clintonj: MADMONEY: QUOTE]I was thinking more like .20 area, it`s all over the news!! not getting anymore buisness anytime soon. might even get suspended before the open. IMO!!!
Looks like you'll be right...heading for the 20s as we speak...ouch!
not surprised, now there are TWO class action suits being brought against the company!! look out below!!!!! [/QB][/QUOTE]
posted
HOLY CRAP it`s up over four percent!!!!!!!!! or at least it was for a minute there! LOL!!
Posts: 2503 | From: connecticut | Registered: Mar 2005
| IP: Logged |
posted
It also appears stops getting hit in this .54/.55 range...so tankage may occur once again before regaining some new ground...we'll see. P.S. always fun to have someone to lol with
posted
BMO Raises Amount of Losses From Energy Trading By Kevin Kingsbury Word Count: 324 | Companies Featured in This Article: BMO Financial Group, Optionable BMO Financial Group substantially raised the amount of its losses on recent natural-gas trading following a change in methodology to calculate the losses.
The Canadian bank known as Bank of Montreal also said that two unnamed employees in the commodities-trading operations were placed on leave. They are no longer with the company. Oversight of the business has also changed, and new traders have been added ...
Optionable, Inc. Set to Expand Board of Directors Thursday May 17, 7:30 am ET
VALHALLA, N.Y., May 17 /PRNewswire-FirstCall/ -- Optionable, Inc., (OTC Bulletin Board: OPBL - News), a leading provider of natural gas and other energy derivatives brokerage services, said today that it intends to commence a search for outside, experienced and independent individuals to join its Board of Directors, and will continue its internal review of the ongoing operations at the Company. ADVERTISEMENT
Executive Chairman Albert Helmig said, "Going forward, our efforts will include building a new Board of Directors to make crystal clear our commitment to the quality, integrity and profitability of Optionable.
"In addition, I am in the process of reviewing our current situation, and will speak to the larger issues that have been raised in a timely manner. Meanwhile, I want to thank our staff for its support and continued hard work during this period. Our operations are continuing, trading operations are staffed, and we are servicing our customers with brokerage services through our floor operations, voice brokerage business and OPEX® trading platform."
Helmig was appointed Executive Chairman of Optionable on May 11.
....and a break of 70s sees us all the way back to a buck$
UBBFriend: Email this page to someone!
Printer-friendly view of this topic
![[Big Grin]](biggrin.gif)
and the chart means totally zip![[Eek!]](eek.gif)
![[Wink]](wink.gif)
