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The Shuman Law Firm Announces the Filing of a Class Action Lawsuit against Heckmann Corporation

^{Published on 2010-06-18 17:20:37 - Market Wire}
 

BOULDER, Colo.--([ BUSINESS WIRE ])--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 (aHeckmanna or the aCompanya) (NYSE:HEK) common stock during the period between May 20, 2008 and May 8, 2009 (the aClass Perioda) and all persons or entities who held Heckmann common stock on September 15, 2008 and were eligible to vote on Heckmanna™s acquisition of China Water and Drinks, Inc. (the aMergera).

"financial misconduct and the diversion of cash deposits by former management of China Water."

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. (aChina Watera). On October 2, 2008, the Company filed a Joint Proxy and Information Statement/Prospectus (the aJoint Proxya), 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 Companya™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 afinancial misconduct and the diversion of cash deposits by former management of China Water.a On this news the Companya™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.