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NEW YORK, March 03, 2023 (GLOBE NEWSWIRE) —
WHY: Rosen Law Firm, a global investor rights law firm, continues to investigate potential securities claims on behalf of shareholders of Bright Green Corporation BGXX resulting from allegations that Bright Green may have issued materially misleading business information to the investing public.
SO WHAT: If you purchased Bright Green securities you may be entitled to compensation without payment of any out of pocket fees or costs through a contingency fee arrangement. The Rosen Law Firm is preparing a class action seeking recovery of investor losses.
WHAT TO DO NEXT: To join the prospective class action, go to https://rosenlegal.com/submit-form/?case_id=11980 or call Phillip Kim, Esq. toll-free at 866-767-3653 or email pkim@rosenlegal.com or cases@rosenlegal.com for information on the class action.
WHAT IS THIS ABOUT: On June 2, 2022, Green Market Report (“Green Market”) published a report entitled “Bright Green Former CEO Claims Valuation Fraud,” which stated that the Company “involves a burned-down building, a years-long battle with the state of New Mexico, a bankruptcy case, and an angry former CEO who is accusing the company of fraud.” John Stockwell, listed CEO in 2017, filed for bankruptcy in the state of New Mexico in 2017. After a greenhouse fire “devastated Stockwell financially,” the reported stated that “greenhouses were transferred to Lynn Stockwell who then transferred the property to Bright Green.” In addition, the report stated that Bright Green’s former CEO John Fikany is suing the company, alleging “Bright Green was a “sham, operated illegally and fraudulently.” He alleges that the Stockwells “engaged in acts of fraudulent misrepresentation and attempted to force Fikany to aid and abet them in making fraudulent misrepresentations to investors concerning the valuation and progress of Bright Green Corporation.”
On this news, Bright Green’s stock price fell 15% to close at $3.04 per share on June 3, 2022.
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