Industrial Enterprises of America, Inc. ("IEAM" or the Company) is a holding company. Its subsidiaries manufacture after-market automotive fluids.

The Complaint charges that IEAM and certain of its present and former officers, directors, and control persons violated Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 by issuing materially false and misleading statements pertaining to IEAM's business prospects and condition, and filing financial statements with the SEC materially false financial statements.

On November 7, 2007 the Company announced that investors could no longer rely on its historical financial statements and that the Company had not properly followed generally accepted accounting principles, necessitating a revision of reported revenue, among other things. The Company also announced that it had suspended its CFO pending a review. As a result of these events, the Complaint asserts that the price of IEAM stock dropped, damaging investors.

On January 15, 2008, two motions to appoint The Goldenberg Group to serve as lead Plaintiff and to appoint the Rosen Law Firm as co-lead Counsel were filed. As a result, a stipulation and Order granting the above mentioned motions and groups to serve as lead Plaintiffs and co-lead Counsels were entered on February 21, 2008. The court entered on June 03, 2008 a stipulation and consent Order by setting aside default and setting the schedule for the filing of a first amended class action Complaint. This included a set deadline for all Defendants and Plaintiffs to file any reply or amended Complaint.

On July 02, 2008, an amended Complaint was filed with the court in this action.

On April 14, 2009, an Order of Preliminary Approval of Settlement was granted by the court and it scheduled a "Settlement Hearing" on July 29, 2009.

On November 23, 2009, a Stipulation and Order Granting Leave to Amend the Complaint and Providing for Notice was filed with the court. The next day, November 24, 2009, a Second Amended Complaint was filed with the court by the Plaintiffs against the Defendants.

On February 03, 2011, an Order of Preliminary Approval of Settlement was issued by the Court as fair, reasonable and adequate.

On May 10, 2012, the Court's Order of March 1, 2012 approving the settlement in the case was vacated and the clerk of court was ordered to reopen this cases.