NEW YORK, Aug. 11, 2015 /PRNewswire/ -- Faruqi & Faruqi, LLP, a leading national securities law firm, reminds investors in Uranium Energy Corp. ("Uranium Energy" or the "Company") (NYSE MKT:UEC) of the August 28, 2015 deadline to seek the role of lead plaintiff in a federal securities class action lawsuit filed against the Company and certain officers. The lawsuit has been filed in the United States District Court, Southern District of Texas, on behalf of a class consisting of all persons or entities who purchased Uranium Energy securities between October 14, 2014 and June 17, 2015 (the "Class Period").
The lawsuit focuses on whether the Company and its executives violated federal securities laws by failing to disclose that: (1) Uranium Energy stock achieved an unsustainable valuation by using paid stock promoters, yet failed to disclose the use of such promoters in its regulatory filings pursuant to Section 17(b) of the Securities Act of 1933; and (2) the Company has not been transparent with the revenue obtained from the Palanga Mine among other accounting inconsistencies.
On June 18, 2015, an article published on TheStreetSweeper.org revealed that the company had reported zero sales from its sole revenue producer, the Palanga Mine, during the past seven quarters. Furthermore, the article mentioned that the company only possesses about $152,000 worth of inventory after selling most of it in the past several months. The article also accused Uranium Energy of utilizing undisclosed paid stock promoters to increase the value of the Company's shares.
On this news, share price of Uranium Energy declined $0.18 to close at $2.42 on June 18, 2015. Further, share price continued to decrease in the next day, dropping $0.62 or over 25.6% on heavy trading volume and closing at $1.80 on June 19, 2015. Over two trading days, shares fell $0.80 or over 30.7%.
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Take Action
If you invested in Uranium Energy stock or options between October 14, 2014 and June 17, 2015 and would like to discuss your legal rights, visit www.faruqilaw.com/UEC. You can also contact us by calling Richard Gonnello toll free at 877-247-4292 or at 212-983-9330 or by sending an e-mail to rgonnello@faruqilaw.com. Faruqi & Faruqi, LLP also encourages anyone with information regarding Uranium Energy's conduct to contact the firm, including whistleblowers, former employees, shareholders and others.
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