NEW YORK, April 2, 2019 /PRNewswire/ -- Pomerantz LLP is investigating claims on behalf of investors of First Choice Healthcare Solutions, Inc. ("First Choice" or the "Company") (OTCMKTS: FCHS). Such investors are advised to contact Robert S. Willoughby at firstname.lastname@example.org or 888-476-6529, ext. 9980.
The investigation concerns whether First Choice and certain of its officers and/or directors have engaged in securities fraud or other unlawful business practices.
On November 14, 2018, the United States Department of Justice ("DOJ") filed a criminal indictment, and on November 15, 2018, the Securities and Exchange Commission ("SEC") filed a civil action, against First Choice's then-Chief Executive Officer, President, and Board Chairman Christian Romandetti, Sr. and certain alleged co-conspirators, charging them with securities fraud in connection with the orchestration of a multi-million dollar pump-and-dump scheme. The DOJ indictment and SEC complaint allege that Romandetti and his co-conspirators, through various manipulative practices, defrauded investors in First Choice securities "by artificially controlling the price and volume of traded shares in [First Choice] through, inter alia: (a) artificially generating price movements and trading volume in the shares; and (b) material misrepresentations and omissions in their communications with victim investors about the stock of [First Choice] . . . ."
Following news of the foregoing enforcement actions, First Choice's stock price fell $0.66 per share, or 65.35%, to close at $0.35 per share on November 15, 2018.
The Pomerantz Firm, with offices in New York, Chicago, Los Angeles, and Paris, is acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class litigation. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, the Pomerantz Firm pioneered the field of securities class actions. Today, more than 80 years later, the Pomerantz Firm continues in the tradition he established, fighting for the rights of the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered numerous multimillion-dollar damages awards on behalf of class members. See www.pomerantzlaw.com.
Robert S. Willoughby
SOURCE Pomerantz LLP