MINNEAPOLIS, March 14, 2008 (PRIME NEWSWIRE) -- J. Thompson & Associates and Zimmerman Reed, PLLP announced today that a class action has been commenced in the United States District Court for the Eastern District of Michigan on behalf of a Class consisting of all persons who purchased unregistered securities from Edward P. May, Frank J. Bluestein, The Maximum Financial Group, Inc., Questar Capital Corporation or GunnAllen Financial, Inc. (collectively, "Defendants") or otherwise acquired the common stock between January 1, 2000 and March 4, 2008 (the "Class Period"), against Defendants and certain of its officers and/or directors for violations of the Securities Exchange Act of 1934 and the Securities Exchange Act of 1933.
If you wish to serve as lead plaintiff, you must move the Court no later than 60 days from today. If you wish to discuss this action or have any questions concerning this notice or your rights or interests, please contact plaintiff's counsel Darin LeBeau of Paul L. Nine & Associates at (248) 644-5500. If you are a member of this class, you can view a copy of the complaint as filed or join this class action online at www.zimmreed.com/gunnallenlawsuit. Any member of the purported class may move the Court to serve as lead plaintiff through counsel of their choice, or may choose to do nothing and remain an absent class member.
The complaint charges that Defendants sold unregistered securities to class members in violation of Sections 12(1), 12(2) and 15 of the Securities Exchange Act of 1933, and in violation of Sections 10(b) and 20(a) of the Securities Exchange Act of 1934.
The complaint alleges that, during the Class Period, Defendants sold class members unregistered securities in the form of interests in non-existent limited liability companies ("LLCs") created by Defendant May and sold by Defendant Bluestein, through The Maximum Financial Group, Inc. and with the assistance of broker-dealer Defendants Questar Capital Corporation and GunnAllen Financial, Inc., in violation of federal securities laws and state laws.
Plaintiff seeks to recover damages on behalf of a Class consisting of all persons other than Defendants who invested in unregistered securities purchased from Defendants between January 1, 2005 and March 4, 2008 and seeks to pursue remedies under the Securities Exchange Acts of 1933 and 1934. The plaintiff is represented by J. Thompson & Associates and Zimmerman Reed, which have extensive experience in prosecuting investor class actions involving financial fraud.
Zimmerman Reed's attorneys practice complex litigation in federal and state courts throughout the country. Our firm has over 20 years of experience in complex litigation, and we are known and respected in the legal community for our innovation, quality and results. Zimmerman Reed has successfully represented millions of consumers and injured individuals in groundbreaking cases involving tobacco, executive compensation, toxic spills, defective drugs and medical devices and securities litigation. Zimmerman Reed has offices in Minneapolis and Scottsdale. The Zimmerman Reed web site (www.zimmreed.com) has more information about our firm and cases. For more information, contact Darin LeBeau at (248) 644-5500.