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Class Action Lawsuit-It can be a success
OK here is a real life example of a successful class action lawsuit vs a penny stock "Xybernaut" . I purchased a little less than 1K in Xybernaut several years back. The SP plummetted to next to zero and the company went out of business.
I completely forgot about the investment until a year or two ago when I received paperwork from a securities firm that there had been a class action filed against Xybernaut and its officers. I was asked to complete a form and provide documentation of my share purchase and date purchased if I wanted to sign on to the class action.
I had nothing to lose so even though I had only experienced a very small loss I completed the requested paperwork but did not expect much. I heard nothing for approx 6 months then received notification a settlement would be forthcoming to all qualified SH.I am getting back nearly my entire ik investment!!
There were several more delays due to additional SH submitting claims even past the deadline but the entire claim process was transferred to some type of government run remission center.
They have a hotline p# set up and the initial settlement of 4.2 million has now just been increased another %500,000. You can call Xybernaut remissions at 877-722-9001 and get their automated response.
The law firm that handled the Xybernaut class action is the same securities firm I am hoping we can retain for our Cetek thumping but at this point I would be happy with anyone that has passed the bar.
DANNYD
A Big Thank-you to Whatscooking
Extremely grateful WC has taken the iniative in getting the ball rolling with SH legal action.
As far as SH making voluntary Cetek share contributions to the securties firm who takes our case, I'm not sure if that will even be necessary. Most likely the law firm would take its fee as a percentage of the total settlement and not the contingency plus shares from Cetek Shareholders.
However if the law firm is looking for a sweetner to accept the case I am willing to pledge 25,000,000 (twenty five millon) of Cetek shares to our cause. I too like Penny have most of these shares tied up in my IRA or I would have pledged more than the 25 million.
If are able to pursuade even just an average abilility securities firm to accept this case we are on our way to a very favorable outcome for SH namely because:
(1) Cetek and affiliates businesses are doing well with good cash flow and assets. (obviuosly you do need a defendant with deep pockets
(2) FH and co officers are guilty as hell and it should be easy for the lawyers to make their case before a judge but more likely thru some type of arbrtation process.
DANNYD
WC-More Goods News on Class Action Attorneys
Following my previous post I looked up who handled the Xybernaut securites class action lawsuit. A firm called Murray & Frank LLP out of NY. Check out their website and best of all their class action lawsuits are handled on a contingency basis at no cost to the plaintiffs.
I also took a look a the Xybernaut case they sucessfully won with a 6.2 million award to SH. The allegations vs Xybernaut and its officers are NOTHING compared to the crimes committed by FH. Compared to Cetek, Xybernaut and its officers were angels. Also I may be wrong but i don't believe Xybernaut had nearly the amount of revenues that Cetek does and its SH were still awareded 6.2 million.
If we can get one of these firms to accept our case we can all sit back and let the USA court system do its thing while at the same time knowing full well this evil CEO may finally be on the hot seat.
DANNYD
WC and fellow Cetek shareholders
Thank-you for supporting the idea of a class action suit vs Cetek and all its officers. However I did not want to mislead anyone into thinking that I personally had or was about to contact a securities lawyer and start the ball rolling.
It is my understanding in these type of actions there is one individual who must step forward as the lead plainntiff in the case. That person feeds all his knowledge of the claim to the handling securities attorney and might have to later appear at a hearing or arbritration process. I doubt many of these actually go thru the trial process.
I only got the idea of a class action suit because of myonly one other penny stock purchased at about the same time as my foolish purchase of Cetek. This other penny stock was sued via a class action. Company was Xybernaut and anyone can look up the case. I did'n't even know there had been a class action filed but just received a letter in the mail that I'd be receiving a settlement.
I am a bit ashamed to admit it but although I'd be willing to concede a good percentage of my shares (if needed) to establish a relationship with a class action securities firm I do not have the time or precise knowledge of the facts to pursue this.
I definitely know my pick for lead plainftiff on this case. This is the person who has by far the greatest knowledge of all the transgressions, misdeeds, and awful lies committed by our evil genius CEO. This is also the person who has the uncanny ability to formulate all of this into a clear, well written manuscript ie letter to Finra.
I will look into what law firm represented the Xybernaut SH in their winning settlement. I currently only have the saved letter from the distribution co that is sending the settlement checks. Everyone feel free to research class action penny stock law firms.
This board was always great for SH to voice their complaints towards the evil one but without some legal clout we were getting nowhere fast.
Good Luck to all Cetek SH everywhere and Merry Christmas as well!
DANNYD
Class Action Lawsuit vs Cetek
I think the time has arrived for all of us that have endured this painful investment experience in CTKH for as many as 10 freakin years to realize not only have we been screwed by this eveil CEO but nothing is going to change in the near future or even distant future.
I also want to add I really do not gives a rats ass if FH or any of his clan are reading these boards or this particular post and in fact i hope word leaks out.
If Cetek was a floundering entity on the verge of bankruptcy I could see why the FH might go silent but as many on this board have pointed out and thru the excellent research by WC, we have learned business is apparently booming at Cetek and its affilaite Hybrid -Tek. SH however have been forced to endure almost a decade of painful and for some large chunks of cash down the drain..
I for one would rather start the clock ticking on a class action suit that might take several years and maybe only return pennies on the dollar rather than to wait indefintely for an attitude turn of this vile CEO's treatment of his company's SH.
At least some justice might be served. Checking around online I see a lawfirm in NY "Rosen" that has recently filed several class action law suits against penny stock companies and its officers and of course the best part is these are done on a "no cost" to SH contingency basis.
Thoughts?
DANNYD
Called Cetek Today
I called Cetek this morning knowing I would get the secretary because FH almost never picks up the phone until 4:00 PM after she leaves. Honestly, I didn't want to even talk to FH only to listen to his lies and then getting hung up on after asking any type of specific question.
The secretary seemed a bit nervous when I told her I was an investor looking for an update. She had to put me on hold at least a few times claiming there were other phone calls coming in and that things were busy. She went on to say business was very good at Cetek.
Of course I knew she would then ask me for my name and number and that someone would get back to me. This is when I asked her specifically if that person was the CEO (Fayiz) or if they had a different investor relations person that would be calling me back. She put me on hold again almost seemingly is that she was asking someone what to tell me. When the secretary got back on the line, she told me "NO" that there was no IR person and that the CEO would call me back when he got the chance. We all know what the probability of that happening is.
It is clear to me as it should be to all other SH that nothing has changed, there is no Cetek IR person, we will not receive an update, and FH will not be agreeable to releasing an update to SH even on the cheap.
The only thing that has remained the same and is a true constantis that Cetek shareholders continue to get SCREWED and I do not see anything that may change this unfortunate situation going forward other than the litigation route.
DANNYD
WHERE WE STAND AS INVESTORS
I commend and would like to sincerely thank WC for all the research, time and effort he has put into trying to shed some light on what is truly going on behind the iron curtain at 19 Commerce St.
But really ? This is truly ridiculous!!!!!
We need to call the company hundreds of times only to be hung up on, countless unanswered e-mails and total silence from this
mad man CEO for 5 years ???
Lets all get real here. Nothing is going to change!
I think we need to go the class action route now before another 5 years passes.
DANNYD
Cetek and IR Dept
Penny that former IR guy was James Stock. During the time he served as Cetek's IR guy until he resigned several years ago I had many discussions with him about what might be going with Cetek behind the scenes.
Sadly one of the primary reasons Stock resigned was his frustration over the fact FH never confided in him and therefore he could not properly promote Cetek.
As it turned out listening to the former IR guy during those years was a total waste of time as I suspect contacting the new IR would also be.
DANNYD
I believe your five year timeline may be way too optimistic.
DannyD
Whatscooking
Please check your e-mail
DANNYD
Lets Face It .............
There is a greater likelihood the "Tooth Fairy is reality" than any remote chance FH is going to suddenly rise up and do right for its shareholders. Even when it would greatly benefit FH personally (along with his family memebrs) he refuses to disclose even a shred of info that would increase Cetek Share price.
Sadly, I believe this is merely a product of his overwhelming hatred of Cetek SH more than any other reason. This is not going to change.
It is NOW time (actually way way overdue) we SH move forward with the ultimate course of action via the legal system.
Is there anyone still out there who believes in the tooth fairy?
DANNYD
I agree 100% with China on this one. Cetek could have 20,000 employees and 1 billion in revenues but that does not mean FH has any intention on sharing its success with shareholders
I believe it may be time for WC to unveil phase two of our plan of action
DANNYD
WC
Thanks, if you recall mine was the first letter out therefore its no surprise I received the first reply.
The reply does say the IVP does not investigate or litigate cases on behalf of individuals but rather seeks to remedy repeated fraud or illegalities by public firms
DANNYD
Received Response from Attorney General office
I received what equates to a confirmation of receipt letter from an assistant to the NY atty generals office. Although the letter was a full page long it really did not say all that much and it was more of a form letter.
I am sure everyone who sent a letter will be receiving this same letter in the mail within the next few days.
DANNYD
Local Newspaper
Today I sent a copy of our letter to my contact at the Poughkeepsie Journal. The reported thanked me for the tip and advised he would be reviewing the letter.
I don't know if the newspaper will be going with the story or even if it really matters.
I do know that if the paper does decide to publish the story they will most definitly be contacting FH for his comments
DANNYD
NY Attorney General Letter
I simply could not wait any longer and sent my letter today.
DANNY
Very important- SH Role Call
I think we should all be extremely pleased with the letter Whatscookin has written to the AG. WC- Again a big thank-you.
Can we have a quick confirmation from SH that are committed to sending the letter?
After years and years of everyone bitching about how terribly FH has mistreated and totally ignored SH, we finally have the opportunity to get our voices heard.
DANNYD
Old website vs New
The old website included the cuurent stock price quote,the O/S along with FH famous phrase, we strive to maximize shareholder value. Both have diasappeared from the new web site.
I wonder is there anyway of conjuring up the original website that at least had some resemblance of a public trading co to the current one that appears privately held.
And of course the changes were made without any explanation. I think the Atty General might also be interested in this little Houdini act
DANNYD
NY Attorney General
After everyone has sent their letters I believe we might allow the Atty Generals office a few weeks to respond. If we have not received a favorable reply within that timeframe SH will need to start calling and calling and calling her office.
I also plan on contacting the Poughkeepsie Journal and see if they have any interest in publishing our letter. The last time I contacted this newspaper during the Wilson Turbo Power news their reporter was quick to contact FH for his input. Of course FH had "no comment" for the reporter.
DANNYD
WC
Letter to NY Atty General is magnificently written and unfortunately all to accurate to all SH!
The only slight thing I would leave open as a blank for all SH to fill in themselves (in addition to their personal $$ loss) is the year they first began their investment in Cetek. This is found within first part of Background Section.
Thank-you WC
DANNYD
Dr Larzo
Certainly no mud intended.
I am just happy all SH are now seemingly united and harmonious. We are a growing force and will soon have a real weapon on our side with the NY Atty General.
DANNYD
Simply Amazing
Dr Larzo that was definitely some thorough research gathered as noted in your post 17107. I mean that sincerely and thank you.
I have to really laugh at your comment however that maybe FH really has SH interest at heart. All I can say is C'mon on man!
All your intensive research but we will never ever find the answers to your questions until after FH rendezvous with the NY Attorney Gen. and possibly the SEC.
Never ever give FH the benefit of the doubt he only deserves jail time it best!
DANNYD
WC
Thank you for all your effort and great research with the SEC and PR/filing cost analysis.
This only proves and confirms what we already knew: Hilal for self-serving reasons blamed the high cost of a PR for his failure to do so.
It has been repeated over and over thru the years that the only time FH issued a PR is when he needed money from SH.
Given the following set of circumstances:
(1)he apparently does not need SH money to run his operation
(2)he could no longer effectively issue new shares (due to the 6 billion OS)
(3)FH extreme disdain for SH (this could be his # 1 reason)
(4) FH stupidity regarding his lost opportunity to increase share price for any family members who may hold shares
I do not see any incentive for FH to release a PR even though I am sure he is aware based on prior PR's the cost is quite insignificant.
We are all looking forward to sending our letters and let the fireworks begin.
Regarding courtesy copy of letter to FH
My vote is "NO" regarding a courtesy copy of the letter to FH only because I do not see any advantage to us sharehilders.
I don't think anyone here in their right mind really believes Hilal deserves any courtesy or heads up that a complaint letter has gone out to both the NY Atty General and the SEC.
On the other hand I could be persuaded to send a CC to FH (for a valid reason) but in reality I don't think it really matters much because once the letters go out to the Gov't officials there is no time for him to become proactive. My guess is FH would simply ignore the letter or possibly refer it to his attorney (Laskowski).
Only if and when FH feels the heat from the gov't agencies will he act.
Until then FH will be screwing the SH to infinity.
DANNYD
ALL LURKERS OUT THERE POST 17071
Correction to my prior posting.
The post all Cetek SH would be wise to carefuuly review in its entirety is Whatscooking's POST # 17071.
Lets please all get on board by lending your support for sending a personalized letter to the NY Attorney Generals office.
All SH who may have not posted here in a long while it is in your best interest to let your voices be heard now.
-
FH will then hear us all loud and clear via government and or SEC agency officials who will provide him the news that Cetek is a publicly trading co afterall and can't be run like a secretly run behind the curtains operation.
DANNYD
POST #17065
All SH should carefully read What Cookins's entire post #17065 that sums up whats really going on here.
Pretty much says it all and dead on!
DANNYD
deletion of double post-
sorry-internet issues
deletion of doublepost
WC
I am suggesting some type of dead line date for sending the letter to allow a few more SH to come on board as you have suggested.
You have composed the NY Atty general letter and it is only right you should have the final say as to when it goes out but I think a deadline date is in order.
We can also get something going regarding a SEC complaint but remember the SEC typically does not provide feedback and I tend to believe would move much slower than the NY Atty General office.
What do you think?
DANNYD
Penny
Initially I called 202-551-6551 but was then redirected from there to another dept. I believe the gentlemen I spoke to did give me his name (should have wrote it down but didn't)
Anyway it really does not matter as we all know FH is not going to release a PR as he apparently no longer needs SH investment dollars.
Lets face it there will be no SH meeting and no PR so as soon as WC has completed the final touches on the NY ATTY general letter and a few more SH surface that will agree to send the letter lets get on with it.
Enough is enough!
SEC
It took several attempts but I also contacted the SEC today regarding what would happen if a pink sheet trading co went private and if the company could simply walk away from its shareholders.
Based on what I heard the SEC would prohibit or restrict this type of co action. The person I spoke to was somewhat vague as to the consequences but indicated the public company would be leaving itself open to serious repercussions
It did not make sense to me that a company (even one on the pinks) could simply go private without some type of buyout to its current SH base.
I guess the info received from the SEC is dependent on which SEC official one speaks to
DANNYD
WC
Again many thanks for all your superb research and for all your hard work and effort in composing the NY Attorney General letter.
Regarding your latest research on Hybrid-Tek I am not sure if you knew Ed Gliden former owner of Hybrid Tek- passed away a few years ago and Barbara C. is in pretty much control of the operations over there.
DANNYD
Bigcue
Agreed
DANNYD
Bigcue
You have rightfully so expressed all your Cetek Inc vs Cetek Technologies relationship concerns on this board on numerous occasions.
I would suggest outlining these issues to the NY Attorney Generals office in writing when all the other SH letters are sent.
I don't believe anyone on this board has the answers to your questions so perhaps the NY Atty General can eventually force FH to shed some light on this and many other items of interest to SH.
DANNYD
Very Very Surprised That
(1) SH appear to be so giddy about the HTI website enough to delay the complaint letter
(2) that SH believe this is any sort of carrot extended on behalf of FH
(3) that SH have forgotten FH will do whatever it takes to increase business revenue which the new HTI website may do HOWEVER he will do absolutely nothing for the SH other than to screw us to infinity!
(4) that 5-6 years ago we got the new Cetek website which as it turns out meant 5 years of silence and a plummeting share price. I recall thinking at that time good things were going to happen right around the corner, boy was I wrong.
(5) that SH may have forgotten the career openings on the website are the same ones that have been posted there continously since the websites inception
I am not at all against delaying sending the complaint letter for a few weeks as WC has suggested but geesh does anyone here really think the new HTI website really means anything has changed with respect to FH stance towards SH or that it will translate into a positive for SH?
DANNYD
Whatscooking
I really don't have a problem in you sending out a courtesy copy of the letter to FH. I just don't think it will induce a positve response nor do I believe he is worthy of any "Courtesy from SH"
As you indicated though its a lottery ticket but in all likelihood he will ignore the letter just like he has ingnored SH and his responsibility to SH for so many years.
The main thing is we SH are finally taking some steps that may force FH to carry out his CEO duties.
Once the letter is out there I also plan on contacting the Poughkeepsie Journal to see if they have an interest in this story and publishing the letter.
DANNYD
Dr Lars
I would normally agree with sending a cc of the letter as a courtesy to the CEO of a public trading company.
However in our case I would have to respectfully disagree with providing any such courtesy to FH.
Crooks are only deserving of jail time and FH is a true blue thief to which no one can disagree
DANNYD
NY Atty General letter
Anyone who has been here longer than a few weeks knows full well FH is never ever going to listen to a SH nor does he care a rats ass about our investment in his company
There is no need for any further delay in sending our letters out after waiting for over 5 years now for NOTHING.
A huge thank-you to WC for composing the letter depicting an accurate picture as to whats been happening here since 2006.
If WC could list the mailing address for the NY attorney Generals office, IMO we should all send out our letters now
DANNYD
Cetek- A new day for SH
We all seem to be in agreement on a executable plan which is rare for this board. Thanks again to WC for putting it all together.
(1) WC begins drafting of formal complaint letter to NY Atty General office (posts it on the board but holds off sending it until we determine if FH will agree to virtual SH meeting or inexpensive type PR
(2) Penny contacts FH with the idea of a virtual SH meeting but preferably some inexpensive solution to releasing PR. As WC indicates PR would be much more effective in increasing share price. We are given some type of firm deadline and if FH fails to meet deadline (IMO high probability) we move quickly to #3
(3) WC posts his letter on this board and SH can then use the form portion of the letter and incorporate their own personal hardships into letter and indicate $$ lost on their investment due to negligence of Cetek CEO.
I will contact Poughkeepsie Journal and advise them Cetek SH are in the process of filing complaint vs Cetek and see if they will publish some of our letters. (IMO the newspaper publication is the least important component of our plan) Does anyone even read newspapers these days?
Hopefully this be a new beginning for SH
DANNYD
BigMoney
Not sure about pulling off any miracles here but you could try calling Fayiz between 4-4:30 PM M- F and see what happened to your 5K
DANNYD