Case Page

 

Case Status:    DISMISSED    
On or around 09/30/2011 (Date of order of final judgment)

Filing Date: July 20, 2010

According to a press release dated July 21, 2010, the Complaint alleges that during the Class Period, DJSP and certain of its officers and/or directors (the "Defendants") violated the Securities Exchange Act of 1934 by issuing materially false and misleading statements and failing to disclose adverse facts known to them regarding the Company's business and financial results. As a result the stock traded at artificially inflated prices during the Class Period.

On March 16, 2010, DJSP informed the investing community that "...there is no stopping this inflow of continued defaults that we anticipate to go for another two or three years....foreclosure volumes through 2012 are expected to increase dramatically." Then on May 27, 2010, DJSP shocked the market when it lowered its guidance for adjusted net income by $15 to $17 million and for adjusted EBIDTA by $18 to $22 million. On this news, the Company's shares fell nearly 29%, opening on May 28, 2010 at $6.33 per share.

DJSP indicated that the lowered guidance was a result of (i) the foreclosure system conversion of one of its largest bank clients which resulted in a reduction in the referral of foreclosure files; and (ii) a temporary slowdown in foreclosures due to governmental intervention programs.

On October 6, 2010, the defendants filed a motion to dismiss the initial complaint.

By the Order signed by Magistrate Judge Robin S. Rosenbaum on November 24, 2010, the Court appoints Philadelphia Financial Management of San Francisco, LLC, to serve as lead plaintiff in this action, and approves lead plaintiff’s selection of Cuneo, Gilbert & LaDuca, LLP; Liddle & Robinson, LLP; and Shepherd, Finkelman, Miller & Shah, LLP, to serve as lead counsel. On January 10, 2011, the lead plaintiff filed a Consolidated Amended Complaint. The defendants responded by filing a motion to dismiss the Consolidated Amended Complaint.

On September 30, 2011, Judge William J. Zloch granted the defendants' motion to dismiss and signed the Final Order of Dismissal without Prejudice.

COMPANY INFORMATION:

Sector: Services
Industry: Business Services
Headquarters: United States

SECURITIES INFORMATION:

Ticker Symbol: DJSP
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: S.D. Florida
DOCKET #: 10-CV-61261
JUDGE: Hon. William J. Zloch
DATE FILED: 07/20/2010
CLASS PERIOD START: 03/16/2010
CLASS PERIOD END: 05/27/2010
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. Saxena White PA (Boca Raton)
    2424 N. Federal Highway, Suite 257, Saxena White PA (Boca Raton), FL 33431
    561.394.3399 561.394.3399 ·
  2. Statman Harris & Eyrich, LLC
    441 Vine Street, Suite 3700, Statman Harris & Eyrich, LLC, OH 45202
    513.621.2666 513.621.4896 ·
  3. Strauss & Troy
    The Federal Reserve Building, 150 East Fourth Street, Strauss & Troy, OH 45202-4018
    513.621.2120 513.241.8250 · wlwoods@strauss-troy.com
No Document Title Filing Date
COURT: S.D. Florida
DOCKET #: 10-CV-61261
JUDGE: Hon. William J. Zloch
DATE FILED: 01/10/2011
CLASS PERIOD START: 02/16/2010
CLASS PERIOD END: 11/15/2010
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. Cuneo Gilbert & LaDuca, LLP (DC)
    507 C Street NE , Cuneo Gilbert & LaDuca, LLP (DC), DC 20002
    202.789.3960 202-789-1813 ·
  2. Liddle & Robinson, LLP
    800 Third Avenue, 8th Floor, Liddle & Robinson, LLP, NY 10022
    212.687.8500 212.687.1505 ·
  3. Shepherd, Finkelman, Miller & Shah, LLC (Florida)
    1640 Town Center Circle, Suite 216, Shepherd, Finkelman, Miller & Shah, LLC (Florida), FL 33326
    954.515.0123 954.515.0123 ·
No Document Title Filing Date