The complaint charges that defendants, including the Company and some of its officers and directors, violated Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 and Rule 10-b(5) by, among other things: issuing false and misleading statements regarding the Company's ownership of key assets and its financial condition, including discrepancies in its publicly reported earnings and the ownership and disposition of million of shares of the Company's stock, which vanished from the "principal and management shareholders" list in the Company's filing. The Company has still failed to explain these irregularities which only came to light as a result of the efforts of an investigative financial journalist, Herb Greenberg of TheStreet.com. As a result of the eventual disclosure of this concealed information, the price of ACLN stock plunged over 60% in one day.

Plaintiff seeks to recover damages on behalf of all those who purchased ACLN common stock during the Class Period, excluding defendants and their affiliates.

Update

The parties have reached a partial settlement in this case.