updated 12/27/2010 12:17:04 PM ET 2010-12-27T17:17:04

CINCINNATI, Dec. 27, 2010 (GLOBE NEWSWIRE) -- Attorney Advertising -- The law firm of Statman, Harris & Eyrich, LLC, which has significant experience in class actions, announced today that a shareholder complaint alleging securities laws violations has been commenced in the United States District Court for the District of Idaho on behalf of shareholders who purchased the common stock of Alternate Energy Holdings Inc. ("AEH" or the "Company") (Pink Sheets:AEHI) between September 20, 2006 through December 14, 2010 (the "Class Period").

The plaintiff in the case alleges that the Company, its CEO Donald L. Gillispie, and Senior Vice President Jennifer Ransom (both currently on leave from the Company) engaged in a scheme to manipulate and artificially inflate the market price of AEH shares. The Securities and Exchange Commission, in a separate action, alleges that AEH has raised millions of dollars from investors while fraudulently manipulating its stock price through misleading public statements that conceal the secret profits reaped by Gillispie and Ransom.

Because of questions raised about the accuracy of certain publicly disseminated information, the Securities and Exchange Commission has temporarily suspended trading of the Company's common stock through December 28, 2010. Shares of AEH traded until January 8, 2010 at roughly $0.10 per share and jumped in the following months to $0.87 per share in October 2010 until December 13, 2010 when AEH shares traded at $0.575 per share.

If you purchased AEH securities during the Class Period, you may request that the Court appoint you as lead plaintiff. A lead plaintiff is a representative party that acts on behalf of other class members in directing the litigation. Under certain circumstances, one or more class members may together serve as "lead plaintiff." Your ability to share in any recovery is not affected by your decision whether or not to serve as lead plaintiff.

If you wish to discuss this action or have any questions, please contact attorney Melinda Nenning at (513) 345-8181, Ext. 3095 or mnenning@statmanharris.com for further information without any obligation or cost to you.

Statman, Harris & Eyrich, LLC has offices in Chicago, Illinois; Cincinnati, Ohio; and Dayton, Ohio.  www.statmanharris.com

CONTACT:  Statman, Harris & Eyrich, LLC
          Melinda S. Nenning, Esq.
          (513) 345-8181, Ext. 3095
          441 Vine Street, Suite 3700
          Cincinnati, Ohio 45202

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