EAR Hearusa Common Stock

Hausfeld LLP has filed a securities class action lawsuit on behalf of those who sold HearUSA common stock (AMEX:EAR / OTC:HEARQ) between January 18, 2011 and July 31, 2011, inclusive, (the “Class Period”). The lawsuit, filed January 18, 2012, seeks to pursue remedies against Siemens Hearing Instruments, Inc. (“Siemens”) for violations of Sections 10(b), 9(a)(2) and 18(a) of the Securities Exchange Act of 1934 [15 U.S.C. §§ 78j(b), 78i(a)(2), and 78r(a)] and Rule 10b-5 promulgated thereunder by the Securities and Exchange Commission (“SEC”) [17 C.F.R. § 240.10b-5]. Siemens is engaged, in part, in the manufacture of hearing products, and HearUSA was involved in the distribution of Siemens’ hearing products. The complaint was filed in the United States District Court for the District of New Jersey and is captioned MTB Investment Partners, LP vs. Siemens Hearing Instruments, Inc.

The complaint alleges that Siemens engaged in a fraudulent scheme to drive down the price of HearUSA common stock in an attempt to acquire HearUSA’s assets for less than their fair market value by, in part, filing false and misleading statements with the SEC. The result of Siemens’ false and misleading statements, according to the complaint, was to drive down the market price of HearUSA common stock from 90¢/share on January 18, 2011 to 35¢/share on July 28, 2011.

According to the complaint, Siemens made a number of false and/or misleading statements in its public filings which caused HearUSA stock to plummet. These public filings stated that Siemens at no point had the intention to acquire HearUSA, despite the fact that it had been in the advanced stages of a negotiated buyout process for HearUSA. The public filings further stated that Siemens, if it wanted to acquire HearUSA, could do so at no consideration to shareholders because of debts owed to Siemens by HearUSA. The complaint alleges that this assertion misrepresented the status and extent of the debt owed to Siemens by HearUSA and Siemens’ ability to acquire HearUSA pursuant to the credit agreement entered into between the two companies. The complaint alleges that, in making these statements, Siemens effectively told the market that HearUSA stock was worthless, and that the market responded accordingly.

The complaint further alleges: (1) that despite Siemens’ best efforts, it was unable to acquire HearUSA for less than its fair market value; (2) that although HearUSA was driven into bankruptcy as a result of Siemens’ actions, HearUSA was able to interest a Siemens’ rival in its acquisition; (3) that as a result, Siemens eventually acquired HearUSA in August 2011 at its market value prior to Siemens’ public filings (between 93¢ and $1.09/share); and (4) that as a result of Siemens’ actions, many investors had sold HearUSA stock in the interim at greatly reduced prices. The lawsuit seeks recovery from Siemens on behalf of those investors.

If you sold HearUSA common stock between January 18, 2011 and July 31, 2011, inclusive, and as a result sustained damages, you may move the court to serve as lead plaintiff of the Class no later than 60 days from today, if you so choose. A lead plaintiff is a representative party that acts on behalf of other class members in directing the litigation. In order to serve as lead plaintiff, however, you must meet certain legal requirements. The ability to share in any recovery is not, however, affected by the decision of whether or not to serve as a lead plaintiff. You may retain Hausfeld LLP, or other counsel of your choice, to serve as your counsel in this action.

If you wish to discuss this action or have any questions concerning this notice or your rights or interests, please contact plaintiff’s counsel, William Butterfield of Hausfeld LLP at (202)540-7200 or via email at wbutterfield@hausfeldllp.com.

Hausfeld LLP is an international firm specializing in claimant-side litigation. The firm is widely acknowledged to be one of the nation’s leading plaintiff’s class action firms and is at the forefront of litigating some of the most high-profile actions relating to securities and other investment products or services to emerge in recent years. With the financial markets becoming ever more harmonized and complex Hausfeld LLP’s unique business model allows it to better respond to the emerging needs of investor clients. To that end, the firm has assembled a multidisciplinary team of lawyers with decades of experience in securities, commodities, antitrust and consumer protection litigation, both in the United States and in Europe, capable of protecting the rights of investors on any front and across multiple jurisdictions. The firm also provides portfolio monitoring services with cutting-edge monitoring software and in-house financial analysis, accounting and investigation expertise, which permit us to monitor our clients’ investments both efficiently and with minimal disruption to our clients’ business.

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