The Law Firm of Goldman Scarlato & Karon, P.C. Announces Class Action Lawsuit Against InfoSonics Corporation
14 Giugno 2006 - 4:11PM
Business Wire
Goldman Scarlato & Karon, P.C., a law firm with offices in Ohio
and Pennsylvania, announces that a lawsuit has been filed in the
United States District Court for the Southern District of
California, on behalf of persons who purchased or otherwise
acquired publicly traded securities of InfoSonics Corporation
("InfoSonics" or the "Company") (AMEX:IFO) between May 9, 2006 and
June 9, 2006, inclusive, (the "Class Period"). The lawsuit was
filed against InfoSonics and certain officers and directors
("Defendants"). If you are a member of this class and wish to view
a copy of a complaint and join this class action, please e-mail us
at info@gsk-law.com and request a copy of the complaint and a
plaintiff certification. If you are a member of the Class, you may
move the Court no later than August 14, 2006 to serve as a lead
plaintiff for the Class. Any member of the purported class may move
the Court to serve as lead plaintiff through counsel of their
choice, or may choose to do nothing and remain an absent class
member. However, if you choose to remain an absent class member,
unless and until a class is certified, you are not represented by
counsel. The complaint alleges that Defendants violated Sections
10(b) and 20(a) of the Securities Exchange Act of 1934 and Rule
10b-5 promulgated thereunder. Specifically, the complaint alleges
that Defendants knew or recklessly disregarded that the Company had
improperly accounted for warrants issued in connection with a
January 2006 private placement. Before the market opened on June
12, 2006, InfoSonics announced that it would need to restate its
previously reported financial results, and that it would need to
revise downward its first quarter net income from $1.738 million to
$1.173 million as a result of the improper accounting treatment of
the warrants. In addition, the complaint alleges that while in
possession of material nonpublic information regarding the
investigation into its accounting for warrants, Defendants sold a
large amount of their personal holdings. If you bought InfoSonics
securities between May 9, 2006 and June 9, 2006, inclusive, and
would like to obtain information about the lawsuit, then you are
invited to call (888) 753-2796 to speak with an advisor.
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