 | ||
|
| Home Annual/Quarterly Updates About Us
|
Force Protection, Inc. Summary: According to a press release dated March 10, 2008, the complaint charges Force Protection and certain of its officers and directors with violations of the Securities Exchange Act of 1934. Force Protection and its subsidiaries engage in the manufacture of ballistic and blast protected vehicles.
The complaint alleges that during the Class Period, defendants issued materially false and misleading statements regarding the Company’s business, financial results and prospects. Specifically, defendants continually boasted Force Protection’s dominance in the Mine Resistant Ambush Protected (“MRAP”) market was due to its superior product design and rapid delivery rates. However, in a report dated June 27, 2007, the Inspector General of the Department of Defense questioned both of these claims and criticized the awarding of contracts to Force Protection on a sole source basis and without competitive bidding. Then, on February 29, 2008, after the market closed, Force Protection announced it would have to delay the release of its 2007 Form 10-K and restate its Form 10-Q for the period ended September 30, 2007. On this news, Force Protection’s stock collapsed to close at $3.58 per share on March 3, 2008, a one-day decline of 13% and an 88% decline from the Class Period high of $30.27 per share, prior to when Force Protection’s problems began to be revealed.
According to the complaint, the true facts, which were known by the defendants but concealed from the investing public during the Class Period, were as follows: (a) as a result of the Company’s ongoing problems in meeting contractual delivery deadlines, the Company would have trouble competing in the MRAP market; (b) in audit reports, the Defense Contract Audit Agency had been critical of the Company’s finances and financial accounting system, which threatened the Company’s eligibility to compete for government contracts; (c) the Company’s accounting department suffered from material weaknesses and deficiencies and lacked the necessary staff and resources to perform its required functions; (d) contrary to the representations contained in the Company’s SEC filings, the Company’s internal controls were inadequate and easily manipulated; (e) the Company lacked effective internal controls in its financial reporting process, required to enable it to properly analyze and/or estimate Force Protection’s future financial and operational performance; and (f) defendants had caused the Company to falsely report at least its third quarter 2007 financial results.
INDUSTRY CLASSIFICATION:
SIC Code: 3790
Sector: Capital Goods
Industry: Aerospace & Defense
| COMPANY/ISSUER NAME: | Force Protection, Inc. |
| COMPANY/ISSUER TICKER: | FRPT |
| COMPANY WEBSITE: | http://www.forceprotection.net |
| FIRST IDENTIFIED COMPLAINT IN THE DATABASE | |||||||||||||||||
| Allan Candelore, et al. v. Force Protection, Inc., et al. | |||||||||||||||||
| |||||||||||||||||
| DOCUMENTS FOR THE FIRST IDENTIFIED COMPLAINT | |||
| Class Action Complaint for Violation of the Federal Securities Laws - Demand for Jury Trial | |||
| Type: Complaint | Date on the document: 03/10/2008 | ||
| OTHER DOCUMENTS | |||
| Class Action Complaint - Jury Trial Demanded | |||
| Case Name and/or Number: Alex Young, et al. v. Force Protection, Inc., et al. | |||
| Type: Complaint | Date on the document: 03/19/2008 | ||
| Class Action Complaint for Violation of the Federal Securities Laws - Demand for Jury Trial | |||
| Case Name and/or Number: Patrick J. Deskin, et al. v. Force Protection, Inc., et al. | |||
| Type: Complaint | Date on the document: 03/20/2008 | ||
| Class Action Complaint for Violation of the Federal Securities Laws - Demand for Jury Trial | |||
| Case Name and/or Number: Susan A. Hoffman, et al. v. Force Protection, Inc., et al. | |||
| Type: Complaint | Date on the document: 3/21/2008 | ||
| Class Action Complaint - Jury Trial Demanded | |||
| Case Name and/or Number: Jeffrey Norman, et al. v. Force Protection, Inc., et al. | |||
| Type: Complaint | Date on the document: 4/3/2008 | ||
| Class Action Complaint for Violation of the Federal Securities Laws - Demand for Jury Trial | |||
| Case Name and/or Number: Elliot Greenberg, et al. v. Force Protection, Inc., et al. | |||
| Type: Complaint | Date on the document: 4/4/2008 | ||
| Class Action Complaint for Violation of Federal Securities Laws - Jury Trial Demanded | |||
| Case Name and/or Number: Shannon W. Cope, et al. v. Force Protection, Inc., et al. | |||
| Type: Complaint | Date on the document: 4/17/2008 | ||
WARNING AND DISCLAIMER OF LIABILITY:
The information included on this Web site, whether provided by personnel employed by Stanford Law School or by third parties, is provided for research and teaching purposes only. Neither Stanford University, Stanford Law School, nor any of their employees, agents, contractors, or affiliates warrant the accuracy or completeness of the information or analyses displayed herein, and we caution all readers that inclusion of any information on this site does not constitute an endorsement of the truthfulness or accuracy of that information. In particular, this Web site contains complaints and other documents filed in federal and state courts, which make allegations that may or may not be accurate. No reader should, on the basis of information contained in or referenced by this Web site, assume that any of these allegations are truthful.
Go to Search page | Go to Case Index page | Back to Top