DALLAS, Feb. 17 /PRNewswire-FirstCall/ -- CLST Holdings, Inc. ("CLST") (Pink Sheets: CLHI) announced today that it had filed a lawsuit in the United States District Court for the Northern District of Texas against Red Oak Fund, L.P., Red Oak Partners, LLC, and David Sandberg alleging that defendants engaged in numerous violations of federal securities laws in making recent purchases of the common stock of CLST.

Among other things, CLST accuses the defendants of falsely stating their intention to abandon a previously announced tender offer for CLST's common stock, when in fact, CLST alleges, defendants were making an illegal tender offer without complying with applicable securities laws. In addition, CLST accused defendants of having failed to make timely disclosure of their stock purchases in light of their undisclosed tender offer. The complaint seeks to enjoin any future unlawful purchases of CLST stock by the defendants, their agents, and persons or entities acting in concert with them. "We are committed to protecting our stockholders' rights and interests and ensuring that those trading in our securities remain in compliance with all applicable laws," said Robert Kaiser, CLST's Chairman and CEO. "We intend to diligently pursue this claim and any like it that may arise in the future."

The statements in this news release that do not directly relate to historical facts constitute "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. These statements are subject to numerous risks and uncertainties, many of which are outside the Company's control. As such, no assurance can be given that the actual events and results will not be materially different than the anticipated results described in the forward-looking statements. Factors could cause actual results to differ materially from such forward-looking statements. For a description of these factors, see the Company's prior filings with the Securities and Exchange Commission.

SOURCE CLST Holdings, Inc.