Heavy recent insider selling appears with hindsight to have been prescient, and suspicious.
Rockaway Park, NY (PRWEB) March 29, 2010
Veteran New York-based securities class action litigator Howard B. Sirota announced today that he is investigating Interoil, a Yukon Canada Company claiming in its 2009 press releases and regulatory filings in Canada and America to have discovered the world's largest-ever natural gas field in Papua New Guinea. Interoil shares plunged Friday on the NYSE following an expose article released Friday morning by William Lobdell of http://www.ibizreporting.com detailing apparent discrepancies between Introil's public regulatory filings and unsealed court transcripts. Accoding to Lobdell, Interoil's CEO told a federal bankruptcy judge in Texas that Interoil faced a "devastating" impact upon Interoil of a pending lawsuit which, according to Lobdell, triggered a bankruptcy filing by an entity controlled by Interoil's CEO, as well as recent heavy insider selling prior to public revelation of the apparent discrepancies. According to Lobdell, the Bankruptcy Judge dismissed the filing as having been filed "in bad faith."
Sirota, who was a Lead Counsel in a number of high-profile securities class actions in America, including Crazy Eddie, Sahlen, Wedtech, Firstplus Financial, and the IPO Securities Litigation, said he has been monitoring Interoil for the past year after learning that recidivist securities law violators in America and Canada were involved in selling Interoil securities.
Sirota added "Heavy recent insider selling appears with hindsight to have been prescient, and suspicious."
Interoil shareholders who wish to discuss their legal options with Howard B. Sirota regarding a possible securities class action against Interoil and others, or persons who have information regarding Interoil which they would like to provide, may do so by contacting Howard B. Sirota, Esq.
Howard B. Sirota has extensive experience in securities litigation and securities class actions. In the notorious Crazy Eddie stock fraud, the court praised his "sustained and admirable tenacity." In the far larger multi-billion dollar Cendant securities fraud, a panel of the Third Circuit Court of Appeals described him as having shown "prescience." Sirota, who claims to only file cases involving the oxymoron "genuine fraud", is a long-time critic and opponent of Milberg Weiss and its various successors.
Howard B. Sirota
Attorney at Law
125 Beach 128th Street
Belle Harbor, New York USA
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