WEST PALM BEACH, FL, March 16, 2017 /24-7PressRelease/
-- A recent front-page, in-depth investigative article
in The Palm Beach Post has brought to light critical questions surrounding West Palm Beach company Hawk Systems, Inc. Written by respected investigative reporter Jeff Ostrowski, the piece spotlights the company's business practices and shares the stories of several distressed shareholders who made substantial investments in Hawk with zero returns.
Mark Spanakos, a director of the company and its single largest shareholder, has brought forward a shareholder derivative lawsuit against Hawk. The suit seeks to freeze the company's trading and has called for an in-depth investigation of Hawk Systems, Inc. Civil Action Case NO. 50 2010 CA 017971, is currently being heard in the Circuit Court of the 15th Judicial Circuit in Palm Beach County, Florida.
"This continued fraud by Hawk targeting the elderly, athletes and other vulnerable groups must come to an end. On behalf of the shareholders, we are urging law enforcement, the Securities and Exchange Commission, Attorney General Pam Bondi, and other agencies charged with the responsibility of protecting our citizens to finally act against Hawk Systems, Inc.," said Spanakos. "The Palm Beach Post article illustrates just how real, significant and chilling this scam is, sharing real-life stories of those who have lost so much at the hands of scammers who chose to cynically divert and spend investor funds rather than build a viable company.
"Despite extensive evidence pointing to corrupt practices at the company, including millions in net losses and no profit, no regulatory agency or law enforcement agency has yet taken action to shut down this fraud, and millions of shares of company stock continue to trade. The time is long overdue for law enforcement and the appropriate government agencies to immediately halt the trading of this stock and seriously investigate how this company has operated."
Spanakos is urging other victims to reach out to him to share information and join attempts to recoup investor losses. "We know of dozens of victims, from all walks of life, but there are likely countless others who have not yet come forward. We encourage these people to join our efforts to ensure that everyone who was financially harmed by Hawk can receive restitution and help bring to justice the perpetrators of this fraud."
Spanakos can be reached via email at email@example.com