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Inyx, Inc. Summary: On March 10, 2009, a Consolidated Amended Class Action Complaint For Violations Of The Federal Securities Laws was filed with the court.
On November 08, 2008, an Order Appointing Lead Plaintiff; And Approving Proposed Lead Plaintiff's Choice Of Counsel was filed with the court.
According to a law firm press release, a class action against Inyx, Inc. was commenced by an institutional investor.
The complaint charges Inyx and certain of its officers and directors, among others, with violations of the Securities Exchange Act of 1934. Inyx is a pharmaceutical company that develops and manufactures prescription and over-the-counter pharmaceutical products. The Company has operating subsidiaries in the United States and the United Kingdom.
The complaint alleges that, during the Class Period, defendants made numerous statements about the Company's financial performance in both its public statements and in the filings that it made with the Securities and Exchange Commission. As alleged in the complaint, these statements were materially false and misleading because they failed to disclose: (i) that the Company was materially overstating its assets and revenues by creating false sales invoices, as these invoices were created before the items were billable and had not actually been issued to customers; (ii) that the Company was not following its publicly stated accounting policies; and (iii) as a result of the foregoing, the Company's financial statements were not prepared in accordance with Generally Accepted Accounting Principles and were therefore materially false and misleading.
On July 2, 2007, after the market opened for trading, news services carried a report that Inyx had filed for Chapter 11 protection in the U.S. Bankruptcy Court in Delaware. In response to this announcement, the price of Inyx common stock plummeted, falling from $2.44 per share on June 29, 2007 to a low as $0.30 per share in intra-day trading on July 2, 2007, on extremely heavy trading volume of more than 7.7 million shares.
INDUSTRY CLASSIFICATION:
SIC Code: 2834
Sector: Healthcare
Industry: Biotechnology & Drugs
| COMPANY/ISSUER NAME: | Inyx, Inc. |
| COMPANY/ISSUER TICKER: | IYXI |
| COMPANY WEBSITE: |
| FIRST IDENTIFIED COMPLAINT IN THE DATABASE | |||||||||||||||||
| The Pennsylvania Avenue Funds v. INYX Inc. et al | |||||||||||||||||
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| DOCUMENTS FOR THE FIRST IDENTIFIED COMPLAINT | |||
| Complaint For Violations Of Federal Securities Laws | |||
| Type: Complaint | Date on the document: 7/31/2008 | ||
| U.S. District Court Civil Docket | |||
| Type: Docket | Date on the document: 7/31/2008 | ||
| Order Appointing Lead Plaintiff; And Approving Proposed Lead Plaintiff's Choice Of Counsel | |||
| Type: Order Appointing LP/LC | Date on the document: 11/08/2008 | ||
| REFERENCE COMPLAINT | |||||||||||||||||
| The Pennsylvania Avenue Funds, et al. v. Inyx, Inc., et al. | |||||||||||||||||
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| DOCUMENTS FOR THE REFERENCE COMPLAINT | |||
| Consolidated Amended Class Action Complaint For Violations Of The Federal Securities Laws | |||
| Type: Complaint | Date on the document: 03/10/2009 | ||
| OTHER DOCUMENTS | |||
| Case Name and/or Number: | |||
| Type: | Date on the document: | ||
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