Why would a company not disclose to its own shareholders the name of its accountants?
Why would a company not disclose to its own shareholders the name of the lender that supposedly determined that the company’s value has gone up?
How would a company know its value has gone up if at the same time it claims it does not have an accounting of its finances and operations?
How would a lender be able to evaluate the value of a company, if that company cannot submit its accounting to the lender?
Companies do not function like that. They do not conceal from their own shareholders such basic information as the name of their accountants. Companies cannot function without an accurate accounting – without knowing how much money they owe to creditors, how much money they are due from debtors, how much their assets are worth, how much money their shareholders invested.
Yet, that is precisely how Energae claims to function. Secrecy is the norm. Its shareholders are assured their investments have value, yet when they try to ask specific questions about their investments such questions are met with silence and deflection.
Beyond general – and empty – assurances that “all is well,” Energae has been unable to offer any specifics to back that up. “All” is obviously not well: regulators have lodged grave accusations of misconduct; legitimate questions have been raised as to the validity of the tax credits; management has been changed, and changed again.
Investors who demanded to know what happened to their hard-earned money have received no specific answers; Darrrell Smith has been stripped of his professional licenses, banned from the securities industry, and fined for his sales of Energae investments … yet Energae investors are told not to worry.
Attorneys Joe Peiffer, Bart Goplerud, and Alan Rosca are determined to continue their fight to get answers from Energae, on behalf of Energae investors. They are also preparing a number of other proceedings, including a group FINRA arbitration case against Darrell Smith’s former employer, a securities broker-dealer firm.
They are currently attempting to determine whether Energae investors have suffered any losses, through the accounting and receivership petition they have filed with the Court. If Energae investors have suffered losses, they plan to proceed with the other cases they have prepared, against Smith’s former employer and other liable parties.
Energae investors who would like to learn more, at no charge, about their legal options or the current legal proceedings against Energae may contact attorneys Joe Peiffer or Alan Rosca at 888-998-0520 or Des Moines attorney J. Barton Goplerud at 515-223-4567.