WASHINGTON, DC (May 25, 2017) — U.S. Market Advisors Law Group PLLC announces that a class action lawsuit has been filed against Eco Science Solutions, Inc. (“Eco Science” or the “Company”) (OTCMKT: ESSI) and certain of its senior executives. The class action is on behalf of investors who purchased or otherwise acquired Eco Science securities, seeking to recover compensable damages caused by defendants’ violations of the Securities Exchange Act of 1934. The case has been filed in United States District Court for the District of New Jersey and docketed under 17-cv-03707.
If you are a shareholder who purchased Eco Science securities between May 1, 2017 and May 19, 2017 (“Class Period”), you have until July 24, 2017 to ask the Court to appoint you as Lead Plaintiff for the class. The Lead Plaintiff is a representative for absent members of the class. Investors do not need to seek appointment as Lead Plaintiff to share in any class recovery in this action. If you are a class member and there is a recovery for the class, you can share in that recovery as an absent class member. You may retain counsel of your choice to represent you in this action. To discuss this action, contact David P. Abel at firstname.lastname@example.org.
Allegations Against Eco Science
Eco Science Solutions is a technology-focused company that provides solutions for the health and wellness industry.
The complaint alleges that defendants made false and/or misleading statements and/or failed to disclose that: (1) the Company’s plan for strategic acquisitions lacked veracity; and (2) as a result, Defendants’ statements about the Company’s business, operations and prospects were materially false and misleading and/or lacked a reasonable basis at all relevant times.
On May 1, 2017, the Company filed a Form 10-K for the fiscal year ended January 31, 2017 with the SEC announcing that strategic acquisitions were part of its growth plan.
On May 5, 2017, the Company announced the proposed acquisition of Ga-Du Bank, in relevant part:
Additionally, the Bank’s principals have engaged with prospects in the marketplace whom have made expressions of interest, along with preliminary commitments to deposit sums between Three-Hundred and Six-Hundred Million Dollars ($300,000,000 and $600,000,000). These amounts are currently being projected to be deposited within the first sixty to one-hundred-eighty days following the acquisition of the Bank by ESSI.
On May 22, 2017, the SEC temporarily halted trading in the Company’s securities, stating in relevant part:
The Commission temporarily suspended trading in the securities of ESSI because of concerns regarding the accuracy and adequacy of publicly disseminated information concerning, among other things, ESSI’s proposed acquisition of GaDu Bank, Inc.
To date, trading the Company’s securities remains halted, rending the Company’s securities illiquid and virtually worthless.
U.S. Market Advisors Law Group PLLC is a national law firm based in Washington, D.C. The firm represents investors worldwide in U.S. securities class action lawsuits.
David P. Abel