DENVER, Aug. 18 /PRNewswire-FirstCall/ -- NanoPierce Technologies, Inc. (BULLETIN BOARD: NPCT) , announced today that it has filed a complaint against The Depository Trust and Clearing Corporation (DTCC), The Depository Trust Company (DTC) and The National Securities Clearing Corporation (NSCC) in the Second Judicial District Court, County of Washoe, State of Nevada. The company is the creator of NanoPierce Technologies' NCS(TM) -- an advanced system designed to provide significant improvement over conventional electrical and mechanical interconnection methods for high-density circuit boards, components, sockets, connectors, semiconductor packaging and electronic systems. NanoPierce is represented by the law firms of O'Quinn, Laminack & Pirtle, Christian Smith & Jewell, and Heard, Robins, Cloud, Lubel & Greenwood, LLP, all of Houston, Texas and Michael J. Morrison, Esq. and Lionel Sawyer & Collins, both of Reno, Nevada.
Attorney Sean Greenwood said: "We believe that the dramatic devaluation of NanoPierce stock would not have occurred were it not for the actions of the defendants as described in the complaint." The complaint alleges that the DTCC, DTC and NSCC acted in concert to operate the Stock Borrow Program, originally created to address short term delivery failures by sellers of securities in the stock market. According to the complaint, the Defendants conspired to maintain significant open fail deliver positions of millions of shares of NanoPierce stock for extended periods of time by using the Stock Borrow Program to cover these open and unsettled positions. By permitting shares of NanoPierce to be borrowed through the Program, the complaint continues, the Defendants allegedly jointly conspired to drive down the price of the stock. The complaint also alleges that the operation of the Program allowed the manipulation of NanoPierce stock by various sellers who failed to deliver NanoPierce shares. By covering open fail to deliver positions with shares borrowed through the Stock Borrow Program and delivering borrowed shares to the buyers, the complaint contends that the Defendants artificially created unregistered, free trading NanoPierce shares and increased the supply of NanoPierce shares in the marketplace.
The complaint further alleges that there is little incentive for the Defendants to cure fail to deliver positions because the Stock Borrow Program has become a reliable source of income for the Defendants.
Paul Metzinger, President, CEO and Director of NanoPierce said: "We, our shareholders and the trading public at large relied on the DTC and the NSCC to properly account for the purchase and sale of NanoPierce shares. Their mishandling of these shares and the misrepresentation that resulted are inexcusable." Lead attorney John O'Quinn commented: "Our team will not stop until justice has been served and restitution secured for NanoPierce and its shareholders."
NanoPierce Technologies, Inc.
Attorney Sean Greenwood said: "We believe that the dramatic devaluation of NanoPierce stock would not have occurred were it not for the actions of the defendants as described in the complaint." The complaint alleges that the DTCC, DTC and NSCC acted in concert to operate the Stock Borrow Program, originally created to address short term delivery failures by sellers of securities in the stock market. According to the complaint, the Defendants conspired to maintain significant open fail deliver positions of millions of shares of NanoPierce stock for extended periods of time by using the Stock Borrow Program to cover these open and unsettled positions. By permitting shares of NanoPierce to be borrowed through the Program, the complaint continues, the Defendants allegedly jointly conspired to drive down the price of the stock. The complaint also alleges that the operation of the Program allowed the manipulation of NanoPierce stock by various sellers who failed to deliver NanoPierce shares. By covering open fail to deliver positions with shares borrowed through the Stock Borrow Program and delivering borrowed shares to the buyers, the complaint contends that the Defendants artificially created unregistered, free trading NanoPierce shares and increased the supply of NanoPierce shares in the marketplace.
The complaint further alleges that there is little incentive for the Defendants to cure fail to deliver positions because the Stock Borrow Program has become a reliable source of income for the Defendants.
Paul Metzinger, President, CEO and Director of NanoPierce said: "We, our shareholders and the trading public at large relied on the DTC and the NSCC to properly account for the purchase and sale of NanoPierce shares. Their mishandling of these shares and the misrepresentation that resulted are inexcusable." Lead attorney John O'Quinn commented: "Our team will not stop until justice has been served and restitution secured for NanoPierce and its shareholders."
NanoPierce Technologies, Inc.
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