The first of two lawsuits against Zion was filed in August by Robert and Cindy Peak against Carrillo and chief financial officer Michael Crosswell Jr. They are seeking class-action status, which would allow them to represent a larger group of Zion shareholders.
The lawsuit said company officials made false or misleading statements about whether "Zion was either already or was likely to soon become the subject of an SEC investigation." The lawsuit pointed out that Zion's stock price fell by 11 percent the day after the investigation was publicly disclosed.
This is clearly frivolous. All the judge has to do is call the SEC. Once the SEC states that they did not contact Zion until june 21, it will be thrown out.
The Peaks should be forced to reimburse Zion for legal costs incurred or be put in jail or be caned publically for wasting our time and for pain and suffering they caused the longterm shareholder.
I think they may be patsies used to establish a class action. I kinda feel sorry for them. They are being used.
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