Siemens Hearing Instruments ---- Securities Stock Fraud

Company:	Siemens Hearing Instruments
Ticker Symbol:	----
Class Period:	Jan-8-11 to Jul-31-11
Date Filed:	Jan-19-12
Lead Plaintiff Deadline:	Mar-19-12
Court:	District of New Jersey
Allegations:

Washington, DC: A securities class action lawsuit has been filed on behalf of those who sold HearUSA common stock between January 18, 2011 and July 31, 2011, inclusive, (the "Class Period"). The lawsuit, filed January 18, 2012, seeks to pursue remedies against Siemens Hearing Instruments, Inc. ("Siemens") for violations of Sections 10(b), 9(a)(2) and 18(a) of the Securities Exchange Act of 1934 [15 U.S.C. 78j(b), 78i(a)(2), and 78r(a)] and Rule 10b-5 promulgated thereunder by the Securities and Exchange Commission ("SEC").

Siemens is engaged, in part, in the manufacture of hearing products, and HearUSA was involved in the distribution of Siemens' hearing products. The complaint was filed in the United States District Court for the District of New Jersey and is captioned MTB Investment Partners, LP vs. Siemens Hearing Instruments, Inc.

The complaint alleges that Siemens engaged in a fraudulent scheme to drive down the price of HearUSA common stock in an attempt to acquire HearUSA's assets for less than their fair market value by, in part, filing false and misleading statements with the SEC. The result of Siemens' false and misleading statements, according to the complaint, was to drive down the market price of HearUSA common stock from 90c/share on January 18, 2011 to 35c/share on July 28, 2011.

According to the complaint, Siemens made a number of false and/or misleading statements in its public filings which caused HearUSA stock to plummet. These public filings stated that Siemens at no point had the intention to acquire HearUSA, despite the fact that it had been in the advanced stages of a negotiated buyout process for HearUSA.

The public filings further stated that Siemens, if it wanted to acquire HearUSA, could do so at no consideration to shareholders because of debts owed to Siemens by HearUSA. The complaint alleges that this assertion misrepresented the status and extent of the debt owed to Siemens by HearUSA and Siemens' ability to acquire HearUSA pursuant to the credit agreement entered into between the two companies. The complaint alleges that, in making these statements, Siemens effectively told the market that HearUSA stock was worthless, and that the market responded accordingly.

The complaint further alleges: (1) that despite Siemens' best efforts, it was unable to acquire HearUSA for less than its fair market value; (2) that although HearUSA was driven into bankruptcy as a result of Siemens' actions, HearUSA was able to interest a Siemens' rival in its acquisition; (3) that as a result, Siemens eventually acquired HearUSA in August 2011 at its market value prior to Siemens' public filings (between 93c and $1.09/share); and (4) that as a result of Siemens' actions, many investors had sold HearUSA stock in the interim at greatly reduced prices. The lawsuit seeks recovery from Siemens on behalf of those investors.

If you acquired the securities of the defendants during the Class Period you may, no later than the Lead Plaintiff Deadline shown above, request that the Court appoint you as lead plaintiff through counsel of your choice. You may also choose to remain an absent class member. A lead plaintiff must meet certain requirements.

Siemens Hearing Instruments ---- Securities Fraud Legal Help

If you have suffered from financial losses, you may qualify for damages or remedies that may be awarded in a possible Siemens Hearing Instruments securities class action lawsuit. Please click the link below to submit your complaint for a free evaluation.
Published on Jan-20-12