updated 1/31/2011 6:17:14 PM ET 2011-01-31T23:17:14

CINCINNATI, Jan. 31, 2011 (GLOBE NEWSWIRE) -- The law firm of Strauss & Troy announces that a class action lawsuit has been filed in the U.S. District Court for the District of Idaho against Alternative Energy Holdings, Inc. ("AEHI" or the "Company") (Pink Sheets:AEHI) on behalf of all persons or entities who purchased common shares of AEHI during the period between September 20, 2006 through December 14, 2010 (the "Class Period") for potential violations of state and federal law by issuing false and misleading statements.

The Complaint names AEHI and certain of the Company's executive officers and directors as defendants. 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 AEHI shares. 

On December 14, 2010, the Securities and Exchange Commission ("SEC") announced the temporary suspension of trading in AEHI stock. On December 16, 2010, the SEC charged the company's top officers of fraudulently raising millions of dollars from investors while manipulating its stock price through misleading public statements that concealed the secret profits reaped by Gillispie and Ransom.

Strauss & Troy is investigating a possible claim to recover damages on behalf of individuals and entities who purchased AEHI common stock between September 20, 2006 and December 14, 2010. If you purchased common stock during that period, you may, no later than February 18, 2011, request that the Court appoint you as lead plaintiff. A lead plaintiff is a representative party that acts on behalf of the class members. In order to be appointed lead plaintiff, the Court must determine that you meet certain legal requirements.

If you wish to review a copy of the Complaint, discuss this action, or have any questions, please contact Richard S. Wayne, Esq., or Thomas P. Glass, Esq., Strauss & Troy, 150 East Fourth Street, Cincinnati, Ohio 45202, 800-669-9341 or by e-mail at rswayne@strausstroy.com  or tpglass@strausstroy.com

CONTACT: Strauss & Troy

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