Why NewLead Holdings (NEWL) Stock Is Tanking In After-Hours Trading On Wednesday

NEW YORK (TheStreet) -- Shares of NewLead Holdings Ltd. (NEWL) are lower by -5.02% to 69 cents in after-hours trading today after a U.S. judge denied a preliminary injunction filed by the company to stop Ironridge Global IV from obtaining additional shares of NewLead in order to satisfy numerous liabilities, Reuters reports.

The U.S. district judge said he dissolved the temporary restraining order because he has no personal jurisdiction over Ironridge, and that NewLead has not given the judge a reason to provide it with preliminary relief.

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