Case Page

 

Case Status:    DISMISSED    
On or around 07/23/2008 (Notice of voluntarily dismissal)

Filing Date: May 22, 2008

According to a press release dated on July 25, 2008, TRM Corporation (Pink Sheets: TRMM) announced that the consolidated securities class action lawsuit filed against the Company and certain of its officers and directors has been dismissed. The complaints, filed in the United States District Court for the District of Oregon in May and June 2008, sought unspecified damages on alleged violations of federal securities laws between March 16, 2006 and May 22, 2007. The motion to dismiss was filed and granted on July 23, 2008 and the case is closed.

Another law firm press release stated that a class action has been commenced on behalf of all persons who purchased the common stock of TRM Corporation on May 22, 2008.

The Complaint charges that TRM and certain of its officers and directors violated federal securities laws by issuing materially false and misleading statements regarding the Company's financial health and performance. As alleged in the Complaint, these statements were materially false and misleading because defendants misrepresented and failed to disclose: (i) that the Company's financial results were artificially inflated due to the failure to timely write down certain assets, which were materially overvalued in the Company's financial statements; (ii) that TRM lacked adequate internal controls and procedures necessary to ascertain its true financial condition and worth; and (iii) as a result of the foregoing, the Company's ability to continue its operations and remain a going-concern was in serious doubt. At the end of the Class Period, TRM provided investors with details about the progress of its restructuring plan and announced new management positions. Following this disclosure, shares of the Company's stock declined dramatically.

COMPANY INFORMATION:

Sector: Services
Industry: Personal Services
Headquarters: United States

SECURITIES INFORMATION:

Ticker Symbol: TRMM
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. Oregon
DOCKET #: 08-CV-00622
JUDGE: Hon. Janice M. Stewart
DATE FILED: 05/22/2008
CLASS PERIOD START: 03/16/2006
CLASS PERIOD END: 05/22/2007
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. Coughlin Stoia Geller Rudman & Robbins LLP (Melville)
    200 Broadhollow, Suite 406, Coughlin Stoia Geller Rudman & Robbins LLP (Melville), NY 11747
    631.367.7100 631.367.1173 · info@csgrr.com/
  2. Stoll, Stoll, Berne, Lokting & Schlachter
    209 South West Oak Street, Stoll, Stoll, Berne, Lokting & Schlachter, OR 97204
    503.227.1600 503.227.6840 · info@ssbls.com
No Document Title Filing Date