Case Page

 

Case Status:    DISMISSED    
On or around 09/05/2012 (Other)

Filing Date: March 24, 2009

According to a press release dated March 25, 2009. The Complaint charges that Insight and certain of its officers and directors violated federal securities laws by making materially false statements. Specifically, Defendants failed to disclose the following: (i) Insight was improperly accounting for trade credits; (ii) the Company's financial results were not prepared in accordance with Generally Accepted Accounting Principles; (iii) Insight lacked adequate internal and financial controls; and (iv) as a result, the Company's financial statements were materially false and misleading.

On February 9, 2009, Insight revealed that it would restate its previously reported earnings as a result of its historical accounting treatment of aged trade credits. Insight also announced that it expects to restate financial statements included in the Company's most recently filed Annual Report on Form 10-K, for the year ended December 31, 2007, and in the Quarterly Reports on Form 10-Q for the first three quarters of fiscal year 2008. On this news, shares of Insight fell $2.85 to close at $3.05 per share.

On June 12, 2009, the Plaintiff, pursuant to Fed. R. Civ. P. Rule 41(a)(1), voluntarily dismissed action without prejudice. A related case filed under Docket 09-CV-01283 continues.

On August 5, 2009, Plaintiff filed an amended Complaint. Defendant filed a Motion to Dismiss the amended Complaint on August 31. On January 8, 2010, the Court issued an Order granting Defendant's Motion to Dismiss. Plaintiff was given leave to file an amended Complaint. On February 8, Plaintiff filed an amended Complaint.

Defendant filed a Motion to Dismiss the second amended Complaint on March 22, 2010. On July 12, the Court issued an Order granting Defendant's Motion to Dismiss. The action was dismissed with prejudice. On August 6, 2010, Plaintiff filed a Notice appealing this decision. On January 9, 2012, the Court of Appeals affirmed the District Court's decision to Dismiss the case.

COMPANY INFORMATION:

Sector: Financial
Industry: Misc. Financial Services
Headquarters: United States

SECURITIES INFORMATION:

Ticker Symbol: NSIT
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. Arizona
DOCKET #: 09-CV-00589
JUDGE: Hon. David K Duncan
DATE FILED: 03/24/2009
CLASS PERIOD START: 01/30/2007
CLASS PERIOD END: 02/06/2009
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. Glancy Binkow & Goldberg LLP (Los Angeles)
    1801 Ave. of the Stars, Suite 311, Glancy Binkow & Goldberg LLP (Los Angeles), CA 90067
    310.201.915 310. 201-916 · info@glancylaw.com
  2. The Shuman Law Firm (former Denver)
    885 Arapahoe Avenue, The Shuman Law Firm (former Denver), CO 80302
    303.861.3003 303.861.3003 ·
  3. Tiffany & Bosco, P.A.
    Third Floor Camelback; Esplanade II; 2525 East Camelback Road, Tiffany & Bosco, P.A., AR 85016-4237
    602.255.6000 602.255.6000 · general@tblaw.com
No Document Title Filing Date
COURT: D. Arizona
DOCKET #: 09-CV-01283
JUDGE: Hon. David K Duncan
DATE FILED: 02/08/2010
CLASS PERIOD START: 04/22/2004
CLASS PERIOD END: 02/06/2009
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. Doyle Lowther LLP
    9466 Black Mountain Road, Suite 210, Doyle Lowther LLP, CA 92126
    619.573.1700 619.573.1701 · bill@doylelowther.com
  2. Law Offices of Nicholas Koluncich III, LLC
    6501 Americas Parkway NE One Park Square – Suite 620, Law Offices of Nicholas Koluncich III, LLC, NM 87107
    ·
  3. Scott + Scott LLP (NY)
    405 Lexington Avenue, 40th Floor, The Chrysler Building, Scott + Scott LLP (NY), NY 10174
    (212) 223-6444 (212) 223-6444 ·
  4. Tiffany & Bosco, P.A.
    Third Floor Camelback; Esplanade II; 2525 East Camelback Road, Tiffany & Bosco, P.A., AR 85016-4237
    602.255.6000 602.255.6000 · general@tblaw.com
No Document Title Filing Date
No Document Title Filing Date