The Shuman Law Firm today announced that a class action has been
commenced in the United States District Court for the District of
Delaware on behalf of purchasers of Heckmann Corporation ("Heckmann" or
the "Company") (NYSE:HEK) common stock during the period between May 20,
2008 and May 8, 2009 (the "Class Period") and all persons or entities
who held Heckmann common stock on September 15, 2008 and were eligible
to vote on Heckmann's acquisition of China Water and Drinks, Inc. (the
"Merger").
If you wish to discuss this action or have any questions concerning this
notice or your rights and interests with respect to this matter, please
contact Kip B. Shuman or Rusty E. Glenn toll-free at 866-974-8626 or
email Mr. Shuman at kip@shumanlawfirm.com
or Mr. Glenn at rusty@shumanlawfirm.com.
The complaint charges Heckmann and certain of its officers and directors
with violations of the Securities Exchange Act of 1934 for alleged
material misstatements and omitted material information in the Joint
Proxy. The complaint alleges that on May 20, 2008, the Company announced
that it had struck a deal to acquire China Water and Drinks, Inc.
("China Water"). On October 2, 2008, the Company filed a Joint Proxy and
Information Statement/Prospectus (the "Joint Proxy"), which represented
that Heckmann had conducted extensive due diligence on China Water and
recommended that Heckmann shareholders vote in favor of the Merger. The
defendants allegedly solicited votes from stockholders necessary to
complete the Merger by means of the Joint Proxy and other public
statements. The Company's stockholders overwhelmingly approved the
Merger at an October 30, 2008 special meeting of stockholders.
Thereafter, on May 8, 2009, the Company announced its financial results
for the first fiscal quarter of 2009, including a net loss for the
quarter of $186.2 million and a $184 million impairment charge. The
release also reported that the Company had discovered what it believed
to be "financial misconduct and the diversion of cash deposits by former
management of China Water." On this news the Company's stock price
declined, reaching as low as $3.38 per share in July 2009, compared to
more than $10 per share shortly after the Merger was announced.
If you purchased Heckmann common stock during the Class Period or held
Heckmann common stock on September 15, 2008 and were eligible to vote on
the Merger, you may request that the Court appoint you as lead plaintiff
of the Class no later than 60 days from May 6, 2010. A lead plaintiff is
a class member that acts on behalf of other class members in directing
the litigation. Although your ability to share in any recovery is not
affected by the decision whether or not to seek appointment as a lead
plaintiff, lead plaintiffs make important decisions which could affect
the overall recovery for class members.
The Shuman Law Firm represents investors throughout the nation,
concentrating its practice in securities class actions and shareholder
derivative actions.
SOURCE: The Shuman Law Firm
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The Shuman Law Firm
Kip B. Shuman, Esq., 866-974-8626
kip@shumanlawfirm.com
or
Rusty E. Glenn, Esq., 866-974-8626
rusty@shumanlawfirm.com
Fax: 303-484-4886
www.shumanlawfirm.com
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