SOURCE: Brower Piven, A Professional Corporation

January 27, 2012 16:02 ET

Brower Piven Encourages Investors Who Sold in Excess of 50,000 Shares of Siemens Hearing Instruments, Inc. Between January 18, 2011 and July 31, 2011, Inclusive, to Inquire About the Lead Plaintiff Position in Securities Fraud Class Action Lawsuit Before the March 19, 2012 Lead Plaintiff Deadline

STEVENSON, MD--(Marketwire - Jan 27, 2012) - Brower Piven, A Professional Corporation announces that a class action lawsuit has been commenced in the United States District Court for the District of New Jersey on behalf of investors who sold shares of HearUSA Inc. ("HearUSA" or the "Company") (PINKSHEETS: HEARQ) common stock during the period between January 18, 2011 and July 31, 2011, inclusive (the "Class Period").

If you sold HearUSA common stock during the class period and would like additional information about this lawsuit and your ability to become a lead plaintiff, you may contact 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 60 years.

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 March 19, 2012, 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 Siemens Hearing Instruments, Inc. ("Siemens") of violations of the Securities Exchange Act of 1934 by virtue of Siemens' false statement during the Class Period that if Siemens wanted to acquire HearUSA, Inc. ("HearUSA"), it could do so at no consideration to shareholders because of debts owed to Siemens by HearUSA. According to the complaint, after, Siemens was unable to acquire HearUSA for less than its fair market value and after HearUSA was driven into bankruptcy as a result of Siemens' actions, Siemens eventually acquired HearUSA in August 2011 at its market value prior to Siemens' public filings and as a result of Siemens' actions, many investors had sold HearUSA stock in the interim at significantly reduced prices.

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