Freshpet Inc (FRPT)

[col_brewer]

I guess the lawyers are not paying attention to you

http://biz.yahoo.com/bw/080410/20080410006250.html?.v=1


Press Release Source: Chitwood Harley Harnes LLP

Chitwood Harley Harnes LLP Files Class Action Lawsuit Against Force Protection, Inc.
Thursday April 10, 4:59 pm ET


ATLANTA--(BUSINESS WIRE)--The law firm of Chitwood Harley Harnes LLP has filed a class action lawsuit against Force Protection, Inc. (“Force Protection” or the “Company”) (NASDAQ: FRPT - News) on behalf of purchasers of Force Protection common stock between August 14, 2006 and March 17, 2008 (the “Class Period”). The complaint, filed in the United States District Court for the District of South Carolina, Charleston Division, alleges that Force Protection, and certain of its officers and directors, violated the Securities Exchange Act of 1934. The Company and its subsidiaries engage in the manufacture of ballistic and blast protected vehicles.
Specifically, the complaint alleges that defendants made false and misleading statements about the company’s business, financial results and prospects. Defendants continually boasted Force Protection’s dominance in the Mine Resistant Ambush Protected (“MRAP”) market due to its superior product design and rapid delivery rates. However, in a report dated June 27, 2007, the Inspector General of the Department of Defense question both of these claims and criticized the awarding of contracts to Force Protection on a sole source basis and without competitive bidding. Then, on February 29, 2008, after the market closed, Force Protection announced it would have to delay the release of its 2007 Form 10-K and restate its Form 10-Q for the period ended September 30, 2007. On this news, Force Protection’s stock collapsed to close at $3.58 per share on March 3, 2008, a one-day decline of 13% on volume of 3.5 million shares, two times the average three month volume. Finally, on March 17, 2008, the Company delayed filing its 2007 Annual Report on Form 10-K a second time because of the “scope of work” necessary to identify accounting errors. Upon release of the March 17, 2008 news, the Company’s shares declined an additional $0.42 per share, or 23.5%, to close on March 17, 2008 at $1.37 per share, on unusually heavy trading volume. This represented an 96% decline from the Class Period high of $30.27 per share, prior to when Force Protection slowly began to reveal information about the Company's internal deficiencies.

According to the complaint, the true facts, which were known by the defendants but concealed from the investing public during the Class Period, were as follows: (a) as a result of the Company’s ongoing problems in meeting contractual delivery deadlines, Force Protection would have trouble competing in the MRAP market; (b) in audit reports, the Defense Contract Audit Agency had been critical of the Company’s finances and financial accounting system, which threatened the Company’s eligibility to compete for government contracts; (c) Force Protection’s accounting department suffered from material weaknesses and deficiencies and lacked the necessary staff and resources to perform its required functions; (d) contrary to the representations contained in the Company’s SEC filings, Force Protection’s internal controls were inadequate and easily manipulated; (e) the Company lacked effective internal controls in its financial reporting process required to enable it to properly analyze and/or estimate Force Protection’s future financial and operational performance; and (f) defendants had caused the Company to falsely report at least its third quarter 2007 financial results.

Chitwood Harley Harnes is investigating all available claims. No class has been certified yet in the above action. Until a class is certified, you are not represented by counsel unless you retain one. If you purchased the stock listed above during the Class Period, you have certain rights. To be a member of the class, you need not take action at this time, and you may retain counsel of your choice.

If you purchased or acquired the securities of Force Protection between August 14, 2006 and March 17, 2008, you may move the Court, no later than May 9, 2008, and request that the Court appoint you as lead plaintiff. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation. To be appointed lead plaintiff, the Court must decide that your claim is typical of other class members’ claims, and that you will adequately represent the class. Your share in any recovery will not be enhanced or diminished by the decision to serve as a lead plaintiff.

A copy of the class action complaint can be viewed on Chitwood Harley Harnes’ website at www.chitwoodlaw.com or may be requested from the Court. The case is Nicola Saulle v. Force Protection, Inc., et al. If you have questions about the lawsuit or about how you might become more actively involved, please contact Michael Peacock of Chitwood Harley Harnes at [phone] or via e-mail at [e-mail].



Contact:
Chitwood Harley Harnes LLP
Michael R. Peacock, Esq., 1-888-873-3999 or 404-873-3900
[e-mail]
www.chitwoodlaw.com

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Source: Chitwood Harley Harnes LLP