SOURCE: Alternate Energy Holdings, Inc.

November 09, 2012 09:00 ET

AEHI Class Action Settlement Based on SEC Complaint Is Final

BOISE, ID--(Marketwire - Nov 9, 2012) - Alternate Energy Holdings, Inc. (PINKSHEETS: AEHI) (www.aehipower.com) today announced Hon. Judge B. Lynn Winmill finalized settlement proceedings regarding a class lawsuit, which was filed by the Rosen Law Firm in January 2011. The suit essentially duplicated a complaint filed by the U.S. Securities and Exchange Commission (SEC), which was filed in December 2010.

The settlement was finalized October 31, 2012 following an agreement between AEHI and stockholders, which was fulfilled by AEHI in June 2012 through a payment of $450,000. The amount was agreed upon during a settlement conference in April 2012.

As part of the settlement, all defendants, including AEHI, Don Gillispie, and Jennifer Ransom, admit no wrongdoing and see this as a means to reduce further litigation costs to the company

The lawsuit also provides a method for stockholders to receive compensation for any potential losses they may have incurred, following the 2010 complaint from the SEC.

Any questions regarding settlement or payment should be referred to the Rosen Law Firm at 212-686-1060.

AEHI has been working toward the building of a proposed nuclear power plant in Payette County, Idaho. The company received rezone approval from the Payette County Planning and Zoning Commission on December 9, 2010, and unanimous local rezoning approval from Payette County Commissioners on June 20, 2011.

About Alternate Energy Holdings, Inc. (http://www.aehipower.com) -- Alternate Energy Holdings develops and markets innovative carbon-free energy sources. The company is the nation's only publicly traded independent nuclear power plant developer seeking to build a new nuclear power plant; Idaho Energy Complex is the lead project. Other business units include Energy Neutral®, which reduces energy demands for homes and businesses using primarily renewables (http://www.energyneutralinc.com) and Green World Water™, which markets nuclear desalination reactors primarily to developing countries for production of potable water, power generation and other suitable applications (http://www.greenworld-h2o.com).

Safe Harbor Statement: Statements in this press release which are not purely historical, including statements regarding Alternative Energy Holdings', intentions, hopes, beliefs, expectations, representations, projections, plans or predictions of the future are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. As such, they are subject to risks and uncertainties that could cause our results to differ materially from those expressed or implied by such forward-looking statements. The forward-looking statements involve risks and uncertainties including, but not limited to, the risk the company may not raise sufficient money to fund the costs and expenses of the COLA application process, the risk that the company may experience delays in the COLA application process and the risk that the COLA application will not receive regulatory approval. Our business could be affected by a number of other factors, including the risk factors listed from time to time in the company's SEC reports including, but not limited to, the annual report on Form 10-K for the fiscal year ended December 31, 2011. The company cautions investors not to place undue reliance on the forward-looking statements contained in this press release. Alternate Energy Holdings, Inc. disclaims any obligation, and does not undertake to update or revise any forward-looking statements in this press release.

Contact Information

  • ContactInformation:
    Dan Hamilton
    Director of Corporate Communications
    Alternate Energy Holdings, Inc.
    Tel: (208) 939-9311
    Email: dan@aehipower.com