Litigation against NewLead Holdings has revealed allegations by the Nasdaq stock exchange that the Michael Zolotas-led owner demonstrated a “disturbing pattern” of misstating facts to the investing public before it was delisted last year.
Filings in the New York Supreme Court reveal for the first time that the stock exchange delisted the company because of what it said were at least four “false and misleading” disclosures that allegedly overstated asset values, misrepresented a “balance sheet programme” and claimed that company was renting non-existent office space from a company controlled by Zolotas, NewLead’s chief executive.
