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Case Status:    SETTLED
On or around 02/05/2014 (Other)

Filing Date: April 30, 2009

According to the complaint, the Company, by selling to non-credit-worthy customers effectively reported tens of millions of dollars of sales that it otherwise would not have reported while accumulating tens of millions of dollars of uncollectible receivables. The Company carried these uncollectible receivables on its books as though they were collectible until mid-2008, when the Company admitted to a "relaxation of certain aspects of the Company's credit policy in mid-2007" and began to write off these uncollectible receivables in a piecemeal fashion over several quarters.

Defendant’s remarks were materially false and misleading because one of the Defendant’s failed to disclose the change in the Company's credit policies that were effected in order to enable the Company to report additional revenue, and the resultant adverse ramifications (decreased earnings and liquidity) that the change in the Company's credit policies had on the Company's reported earnings for the three months ended March 31, 2008, and would continue to have on subsequent periods.

On July 1, 2009, an order consolidating cases was granted by the Court in this action. On September 30, 2009, another order was entered consolidating the cases under a single docket number. On November 09, 2009, a Memorandum Opinion and Order was entered into the Court’s record appointing lead plaintiff and lead counsel in this action. On February 11, 2010, the lead plaintiff filed a Consolidated Class Action Complaint for Violations of the Federal Securities Laws.

On May 19, 2011, the Court issued an order granting the Lead Plaintiff's motion to certify the class. According to the Court, the class includes claimants who purchased the defendant's securities during the period from August 9, 2007 through and including October 30, 2008, and who were damaged by Defendants’ alleged violations of sections 10(b) and/or 20(a) of the Securities Exchange Act of 1934. The case is now in the discovery phase.

On February 20, 2013, the Court issued an Order denying Defendants' Motion for Summary Judgment.

On June 7, 2013, the Parties entered into a Settlement Agreement. This Settlement was preliminarily approved by the Court on June 28. On August 14, 2013, the Court issued an Amended Order preliminarily approving the Settlement. On November 13th, the Court issued an Order awarding attorneys' fees and expenses. This was followed by a Final Judgment and Order approving the Settlement.

COMPANY INFORMATION:

Sector: Services
Industry: Printing & Publishing
Headquarters: United States

SECURITIES INFORMATION:

Ticker Symbol: IDARQ
Company Market: New York SE
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: N.D. Texas
DOCKET #: 09-CV-00791
JUDGE: Hon. Jorge A Solis
DATE FILED: 04/30/2009
CLASS PERIOD START: 08/10/2007
CLASS PERIOD END: 03/31/2009
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. Gainey & McKenna, LLP
    295 Madison Avenue, 4th Floor, Gainey & McKenna, LLP, NY 10017
    212.983.1300 212.983.1300 ·
  2. The Bilek Law Firm, L.L.P.
    808 Travis, Suite 802, The Bilek Law Firm, L.L.P., TX 77002
    713.227.7720 713.227.7720 ·
No Document Title Filing Date
COURT: N.D. Texas
DOCKET #: 09-CV-00791
JUDGE: Hon. Jorge A Solis
DATE FILED: 02/11/2010
CLASS PERIOD START: 08/09/2007
CLASS PERIOD END: 10/30/2008
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. Coughlin Stoia Geller Rudman & Robbins LLP (San Diego)
    655 West Broadway, Suite 1900, Coughlin Stoia Geller Rudman & Robbins LLP (San Diego), CA 92101
    619.231.1058 619.231.7423 · info@csgrr.com/
No Document Title Filing Date
No Document Title Filing Date