SOURCE: Brower Piven, A Professional Corporation

December 10, 2010 15:30 ET

Brower Piven Encourages Investors Who Have Losses in Excess of $50,000 From Investment in National Lampoon, Inc. to Inquire About the Lead Plaintiff Position in Securities Fraud Class Action Lawsuit Before the February 7, 2011 Lead Plaintiff Deadline

STEVENSON, MD--(Marketwire - December 10, 2010) - Brower Piven, A Professional Corporation announces that a class action lawsuit has been commenced in the United States District Court for the Central District of California on behalf of purchasers of the common stock of National Lampoon, Inc. ("National Lampoon" or the "Company") (PINKSHEETS: NLMP) during the period between, March 1, 2008 and December 15, 2008, inclusive (the "Class Period").

No class has yet been certified in the above action. Members of the Class will be represented by the lead plaintiff and counsel chosen by the lead plaintiff. If you wish to choose counsel to represent you and the Class, you must apply to be appointed lead plaintiff no later than February 7, 2011 and be selected by the Court. The lead plaintiff will direct the litigation and participate in important decisions including whether to accept a settlement and how much of a settlement to accept for the Class in the action. The lead plaintiff will be selected from among applicants claiming the largest loss from investment in the Company during the Class Period. You are not required to have sold your shares to seek damages or to serve as a Lead Plaintiff.

The complaint accuses the defendants of violations of the Securities Exchange Act of 1934 by virtue of the Company's failure to disclose material facts to investors during the Class Period that National Lampoon and its former CEO Daniel Laikin engaged in an unlawful scheme to inflate the price of National Lampoon stock by paying "consultants" to purchase the stock. According to the complaint, the Company and its officers perpetrated the scheme in order to create the illusion of an active and liquid market in the Company's shares to drive up the price and make the stock appear attractive and the company successful. According to the complaint, after, on December 15, 2008, former CEO Daniel Laikin and others were charged with conspiracy and securities fraud by federal prosecutors, in connection with the market manipulation scheme, the value of National Lampoon stock declined significantly.

If you have suffered a net loss for all transactions in National Lampoon, Inc. common stock during the Class Period, you may obtain additional information about this lawsuit and your ability to become a lead plaintiff by contacting Brower Piven at www.browerpiven.com, by email at hoffman@browerpiven.com, by calling 410/415-6616, or at Brower Piven, A Professional Corporation, 1925 Old Valley Road, Stevenson, Maryland 21153. Attorneys at Brower Piven have combined experience litigating securities and class action cases of over 50 years. If you choose to retain counsel, you may retain Brower Piven without financial obligation or cost to you, or you may retain other counsel of your choice. You need take no action at this time to be a member of the class.

Contact Information

  • CONTACT:
    Charles J. Piven
    Brower Piven, A Professional Corporation
    Stevenson, Maryland
    410/415-6616
    Email Contact