Case Page

 

Case Status:    DISMISSED    
On or around 11/02/2009 (Court's order of dismissal)

Filing Date: May 07, 2007

On September 05, 2008, the defendants filed a motion to dismiss the amended class action complaint. On May 05, 2008, a first amended class action complaint was filed by the new plaintiff.

On March 05, 2008, a minute order was granted on a motion to appoint lead counsel and lead plaintiff.

On June 12, 2007, the plaintiff filed a notice of voluntary dismissal, and the initial class action was dismissed without prejudice the following day. The class action is continuing in a similar class action, captioned Stevens v. Inphonic, Inc. et al, civil docket number 07-cv-00930, filed on May 18, 2007.

The initial complaint filed on May 7, 2008, charges that Inphonic and certain of its officers and directors violated Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 by issuing materially false and misleading statements concerning the Company's 2006 fiscal year financial results in violation of the federal securities laws and generally accepted accounting principles. The Complaint alleges that during the Class Period the Company materially misrepresented its net income for the fiscal year ended December 31, 2006 and the interim second, third, and fourth quarters. The Complaint also alleges that the Company improperly recognized revenues for certain cancelled consumer contracts, as well as other errors in the income statement. The Complaint alleges that the cumulative effect of all these errors caused an aggregate net loss of at least $43 to $49 million for fiscal 2006, as compared to the $17.3 million net loss from continuing operations the Company preliminarily announced for fiscal 2006. The Complaint also asserts that certain officers and directors of the Company were able to sell significant amounts of stock during the Class Period while the stock was artificially inflated. As a result of these adverse events, the Complaint asserts that shareholders were damaged.

On September 30, 2009, an order granting in part and denying in part the motion to dismiss was entered into the court record.

COMPANY INFORMATION:

Sector: Services
Industry: Communications Services
Headquarters: United States

SECURITIES INFORMATION:

Ticker Symbol: INPC
Company Market: NASDAQ
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. District Columbia
DOCKET #: 07-CV-00845
JUDGE: Hon. Reggie B. Walton
DATE FILED: 05/07/2007
CLASS PERIOD START: 08/02/2006
CLASS PERIOD END: 05/03/2007
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. Cohen, Milstein, Hausfeld & Toll, P.L.L.C. (Washington, DC)
    1100 New York Avenue, N.W., Suite 500, West Tower, Cohen, Milstein, Hausfeld & Toll, P.L.L.C. (Washington, DC), DC 20005
    202.408.4600 202.408.4699 · lawinfo@cmht.com
  2. The Rosen Law Firm, P.A. (New York)
    350 Fifth Avenue, Suite 5508, The Rosen Law Firm, P.A. (New York), NY 10118
    212.686.1060 212.202.3827 · lrosen@rosenlegal.com
No Document Title Filing Date
COURT: D. District Columbia
DOCKET #: 07-CV-00930
JUDGE: Hon. Reggie B. Walton
DATE FILED: 05/05/2008
CLASS PERIOD START: 05/08/2006
CLASS PERIOD END: 10/11/2007
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. Cohen, Milstein, Hausfeld & Toll, P.L.L.C. (Washington, DC)
    1100 New York Avenue, N.W., Suite 500, West Tower, Cohen, Milstein, Hausfeld & Toll, P.L.L.C. (Washington, DC), DC 20005
    202.408.4600 202.408.4699 · lawinfo@cmht.com
No Document Title Filing Date
No Document Title Filing Date