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International Automated Systems, Inc. Conclusion: As reported by the firm's 10-K dated 10/13/1999, on July 2, 1996, the Company had a class action lawsuit filed against it by shareholders. The class action was brought on behalf of all persons and entities who purchased shares of common stock from May 13, 1996 to June 27, 1996. In April 1999, the lawsuit was settled with the Company agreeing to pay $170,631 for shareholder losses and associated legal fees. The $170,631 liability has been accrued in the accompanying financial statements as of June 30, 1999.
According to the Order of Dismissal with Prejudice entered on July 19, 1999, all claims, defenses, and causes of action asserted in the action by Plaintiffs as against Defendants, and all related affirmative defenses, may be dismissed with prejudice. Each party shall bear its own costs and attorneys' fees incurred herein.
The original complaint charges IAS and its President, Neldon Johnson, with violations of the federal securities laws. Plaintiff specifically alleges that defendants artificially inflated the price of IAS common stock by issuing false and misleading statements regarding the company's introduction of a purportedly new and revolutionary communications technology called Digital Wave Modulation.
INDUSTRY CLASSIFICATION:
SIC Code: 7372
Sector: Technology
Industry: Software & Programming
| COMPANY/ISSUER NAME: | International Automated Systems, Inc. |
| COMPANY/ISSUER TICKER: | IAUS.OB |
| COMPANY WEBSITE: | http://www.iaus.com |
| FIRST IDENTIFIED COMPLAINT IN THE DATABASE | |||||||||||||||||
| Serfaty, et al. v. International Automated Systems, et al. | |||||||||||||||||
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| DOCUMENTS FOR THE FIRST IDENTIFIED COMPLAINT | |||
| Class Action Complaint | |||
| Type: Complaint | Date on the document: 07/02/1996 | ||
| REFERENCE COMPLAINT | |||||||||||||||||
| Serfaty, et al. v. International Automated Systems, et al. | |||||||||||||||||
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| DOCUMENTS FOR THE REFERENCE COMPLAINT | |||
| Order Denying Plaintiffs' Motion for Class Certification | |||
| Type: Order | Date on the document: 06/02/1998 | ||
| Motion and Consent of Designated Local Counsel; Order of Admission | |||
| Type: Order | Date on the document: 09/15/1998 | ||
| Order Of Dismissal With Prejudice | |||
| Type: Order | Date on the document: 07/19/1999 | ||
| U.S. District Court Civil Docket | |||
| Type: Docket | Date on the document: 07/19/1999 | ||
| OTHER DOCUMENTS | |||
| Case Name and/or Number: | |||
| Type: | Date on the document: | ||
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