According to the complaint filed December 04, 2010, the Company and its officers perpetrated a scheme to illegally manipulate the price of its stock in order to prevent its removal from the American Stock Exchange. The purpose of the conspirators’ fraudulent purchases was to create the illusion of an active and liquid market in the Company’s shares, which would drive up the price, make the stock appear attractive and the company successful, and thereby induce the purchase of Company stock by the unsuspecting investors at an unknowingly inflated price, further supporting the inflated stock price.
The Ansell Group has been appointed lead plaintiff. On May 12, 2011, Judge Percy Anderson approved the Ansell Group's appointment of the Rosen Law Firm, P.A. as lead counsel. On June 23, 2011, one of the individual defendants filed a motion to dismiss the case.
According to the Minutes dated October 21, 2011, the Court has been advised by counsel that this matter has settled. The parties have ten days from the date of this order or until the next scheduled court appearance, whichever is shorter, to file with the court a dismissal of the action or to appear, in-person or telephonically with their clients, to place the settlement on the record. The parties may contact the deputy clerk of the court to calendar the appearance. If the parties do not dismiss the action or do not place the settlement on the record, the matter will remain on the Court's active trial calendar with all pretrial and trial dates in effect.
On November 1, 2011, the plaintiffs filed a motion to certify the class.
On January 17, 2012, a Stipulation and Agreement of Settlement was submitted to the Court pursuant to Rule 23 of the Federal Rules of Civil Procedure.
On March 12, 2012, an Order Preliminarily Approving Settlement and Providing for Notice was issued pursuant to Rule 23(a) and (b)(3) of the Federal Rules of Civil Procedure.