NEW YORK, Dec. 7, 2010 (GLOBE NEWSWIRE) -- The Rosen Law Firm has filed a class action lawsuit charging ("National Lampoon" or the "Company") (Pink Sheets:NLMP) (formerly NYSE Alternext US:NLN) and its officers and directors with securities fraud. If you purchased National Lampoon stock during the period from March 1, 2008 through December 15, 2008, you may join the class action and seek to recover your losses in National Lampoon stock.
To join the National Lampoon class action, visit the firm's website at , or call Laurence Rosen, Esq. or Phillip Kim, Esq., toll-free, at 866-767-3653; you may also email lrosen@rosenlegal.com or pkim@rosenlegal.com for information on the class action. The case is pending in the U.S. District Court for the Central District of California.
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. YOU MAY CHOOSE TO DO NOTHING AT THIS POINT AND REMAIN AN ABSENT CLASS MEMBER.
The complaint alleges that National Lampoon and its former CEO Daniel Laikin engaged in an unlawful scheme to inflate the price of National Lampoon stock by paying "consultants" to purchase the stock. According to the complaint, the Company and its officers perpetrated the scheme in order to create the illusion of an active and liquid market in the Company's shares, which would drive up the price, make the stock appear attractive and the company successful, and thereby induce the purchase of Company stock by the unsuspecting investors at an unknowingly inflated price. On December 15, 2008, former CEO Daniel Laikin and others were charged with conspiracy and securities fraud by federal prosecutors, in connection with the market manipulation scheme.
When the scheme was uncovered, the share price dropped, National Lampoon stock was eventually delisted, and investors suffered huge losses. Recently, Laikin has pled guilty to securities fraud for his role in the scheme.
If you wish to serve as lead plaintiff in the class action, you must move the Court no later than February 7, 2011. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation. If you wish to join the litigation, or to discuss your rights or interests regarding this class action, please contact Laurence Rosen, Esq. or Phillip Kim, Esq. of The Rosen Law Firm, toll-free, at 866-767-3653, or via e-mail at lrosen@rosenlegal.com or pkim@rosenlegal.com. You may also visit the firm's website at .
The Rosen Law Firm represents investors throughout the globe, concentrating its practice in securities class actions and shareholder derivative litigation.
CONTACT: The Rosen Law Firm P.A. Laurence Rosen, Esq. lrosen@rosenlegal.com Phillip Kim, Esq. pkim@rosenlegal.com (212) 686-1060 Weekends Tel: (917) 797-4425 Toll Free: 1-866--767-3653 Fax: (212) 202-3827 www.rosenlegal.com 275 Madison Avenue, 34th Floor New York, New York 10016