NEW YORK, Nov. 9, 2007 LAWFUEL – The Legal Newswire — The Rosen Law Firm today announced that it has commenced an investigation into allegations that
Industrial Enterprises of America, Inc. (“IEAM” or the “Company”)
(Nasdaq:IEAM) (formerly (OTCBB:IEAM)) violated the federal securities
laws by issuing materially false and misleading statements pertaining
to the Company’s business prospects, financial condition, and financial
performance.
On November 7, 2007 the Company announced that certain historical
financial statements could no longer be relied upon and that the
Company had not properly followed generally accepted accounting
principles. The Company also announced that it had suspended its CFO
pending a review.
As a result of these allegations, the Rosen Law Firm is preparing a
class action lawsuit on behalf of investors who purchased IEAM
securities during the period from November 14, 2006 through November 8,
2007.
You may access the website at http://www.rosenlegal.com to participate
in the proposed class action.
If you purchased IEAM stock and would like further information
concerning your legal rights, please contact Laurence Rosen, Esq. or
Phillip Kim, Esq. of The Rosen Law Firm toll free at 866-767-3653 or
via e-mail at lrosen@rosenlegal.com or pkim@rosenlegal.com.
The Rosen Law Firm has expertise in prosecuting investor securities
litigation and extensive experience in actions involving financial
fraud. The Rosen Law Firm represents investors throughout the nation,
concentrating its practice in securities class actions.
