Case Page

 

Case Status:    DISMISSED    
On or around 07/19/1999 (Date of order of final judgment)

Filing Date: July 03, 1996

As reported by the firm's FORM 10-KSB for the fiscal year ended June 30, 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 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.

COMPANY INFORMATION:

Sector: Technology
Industry: Software & Programming
Headquarters: United States

SECURITIES INFORMATION:

Ticker Symbol: IAUS
Company Market: OTC-BB
Market Status: Public (Listed)

About the Company & Securities Data


"Company" information provides the industry and sector classification and headquarters state for the primary company-defendant in the litigation. In general, "Securities" information provides the ticker symbol, market, and market status for the underlying securities at issue in the litigation.

In most cases, the primary company-defendant actually issued the securities that are the subject of the litigation, and the securities information and company information relate to the same entity. In a small subset of cases, however, the primary company-defendant is not the issuer (for example, cases against third party brokers/dealers), and the securities information and company information do not relate to the same entity.
COURT: D. Utah
DOCKET #: 96-CV-0583
JUDGE: Hon. Tena Campbell
DATE FILED: 07/03/1996
CLASS PERIOD START: 05/13/1996
CLASS PERIOD END: 06/28/1996
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. Lowey, Dannenberg, Bemporad & Selinger, P.C.
    1 North Lexington Avenue, 11th Floor, Lowey, Dannenberg, Bemporad & Selinger, P.C., NY 10601-1714
    914.997.0500 914.997.0035 · ldbs@wesetnet.com
  2. Parry, Murray & Ward
    1270 Eagle Gate Tower 60 East South Temple , Parry, Murray & Ward, UT 84111
    801.521.3430 ·
No Document Title Filing Date
COURT: D. Utah
DOCKET #: 96-CV-0583
JUDGE: Hon. Tena Campbell
DATE FILED: 10/14/1998
CLASS PERIOD START: 05/13/1996
CLASS PERIOD END: 06/28/1996
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. Lowey, Dannenberg, Bemporad & Selinger, P.C.
    1 North Lexington Avenue, 11th Floor, Lowey, Dannenberg, Bemporad & Selinger, P.C., NY 10601-1714
    914.997.0500 914.997.0035 · ldbs@wesetnet.com
  2. Parry Anderson & Mansfield
    60 E. South Temple, Ste 1270, Parry Anderson & Mansfield, UT 84111
    ·
No Document Title Filing Date