NEW YORK, Feb. 15, 2023 (GLOBE NEWSWIRE) -- Pomerantz LLP is investigating claims on behalf of investors of Bright Green Corporation (“Bright Green” or the “Company”) ( BGXX). Such investors are advised to contact Robert S. Willoughby at [email protected] or 888-476-6529, ext. 7980.
The investigation concerns whether Bright Green and certain of its officers and/or directors have engaged in securities fraud or other unlawful business practices.
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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.” Per the Green Market report’s allegations, John Stockwell, listed as the Company’s 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,” John Stockwell’s wife and a Bright Green Board member, “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 that “Bright Green was a ‘sham, operated illegally and fraudulently’” by the Stockwells.
On this news, Bright Green’s stock price fell $0.56 per share, or 15.56%, to close at $3.04 per share on June 3, 2022.
The Pomerantz Firm, with offices in New York, Chicago, Los Angeles, London, 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.
CONTACT:
Robert S. Willoughby
Pomerantz LLP
[email protected]
888-476-6529 ext. 7980
