Faruqi & Faruqi, LLP Files First Class Action Lawsuit Against Zoo Entertainment, Inc. -- ZOOG
26 Luglio 2011 - 6:49PM
Notice is hereby given that Faruqi & Faruqi, LLP has filed a
class action lawsuit in the United States District Court for the
Southern District of Ohio on behalf of all purchasers of Zoo
Entertainment, Inc. ("Zoo" or the "Company") (Nasdaq:ZOOG) common
stock between May 17, 2010 and April 15, 2011 inclusive (the "Class
Period").
A copy of the complaint, which is the first and only complaint
filed to date, can be viewed on the firm's website at
www.faruqilaw.com
Zoo and certain of its officers and directors are charged with
issuing a series of materially false and misleading statements in
violation of Section 10(b) and 20(a) of the Exchange Act and Rule
10b-5 promulgated thereunder. Specifically, the complaint alleges
that Defendants, notwithstanding their knowledge of the Company's
material weaknesses in its internal controls, caused the Company to
report financial results that overstated shareholder equity by over
$250,000 and inflated both net income and diluted net income per
common share by 660% and 900%, respectively.
On April 15, 2011, the Company filed with the SEC a Current
Report on Form 8-K, disclosing that it had erred "in recording
certain transactions in the Company's previously filed unaudited
consolidated financial statements" for the first three quarters of
2010, ended March 31, 2010, June 30, 2010 and September 30,
2010. As a result, the Company warned that investors should no
longer rely on those financial statements. On the announcement of
this news, the price of Zoo common stock plummeted 34.3% from an
April 15, 2010 close of $4.40 per share to an April 18, 2010 close
of $2.89 on unusually high volume of 1.045 million shares traded.
Plaintiffs seek to recover damages on behalf of themselves and all
other individual and institutional investors who purchased or
otherwise acquired Zoo common stock between May 17, 2010 and April
15, 2011, excluding Defendants and their affiliates. Plaintiffs are
represented by Faruqi & Faruqi, LLP, a law firm with extensive
experience in prosecuting class actions and actions involving
corporate fraud. If you wish to obtain information concerning
joining this action you can do so under the "Join Lawsuit" section
of our website or by clicking here: www.faruqilaw.com/ZOOG If you
purchased Zoo securities during the Class Period, you may, not
later than sixty (60) days from today, move the court to serve as
lead plaintiff of the class, if you so choose. In order to serve as
lead plaintiff, however, you must meet certain legal requirements.
If you wish to discuss this action, or have any questions
concerning this notice or your rights or interests, please
contact:
CONTACT: Faruqi & Faruqi, LLP
369 Lexington Avenue, 10th Floor
New York, NY 10017
Attn: Anthony Vozzolo, Esq.
avozzolo@faruqilaw.com
Toll Free: (877) 247-4292
Phone: (212) 983-9330
Grafico Azioni Zoo Entertainment, Inc. (MM) (NASDAQ:ZOOG)
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Da Giu 2024 a Lug 2024
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