Case Page

 

Case Status:    DISMISSED    
On or around 02/07/2014 (Other)

Filing Date: November 14, 2011

According to a press release dated November 15, 2011, the complaint alleges violations of Sections 11, 12(a)(2) and 15 of the Securities Act of 1933 on behalf of investors who purchased or otherwise acquired the Company's common stock pursuant to the May 11, 2011 public offering of its common stock. The complaint asserts that the Company, its officers, directors and Underwriters made false and misleading statements and omissions in the Registration Statement and Prospectus dated May 10, 2011 and May 11, 2011.

According to the May Offering Documents, after the offering there would be approximately 26.7 million common shares outstanding. Of these shares, at least 20.9 million were subject to a 180 day lock-up period, during which the shares could not be traded. These statements are alleged to have been false and misleading when made because: (i) a material number of the Restricted Shares were publicly traded during the lock-up period; and (ii) the Company was suffering from grossly deficient internal controls and therefore was unable to abide by the terms of the May Offering Documents.

The Company’s stock price has dropped precipitously since the May Offering, falling over 20% in the first day of trading alone. At the time the lock-up period expired, the stock had fallen to less than $2.00 per share.

On February 17, 2012, the Court issued an order appointing lead plaintiffs and lead counsel.

On March 20, 2012, plaintiffs filed an amended complaint.

On July 25, 2012, an Order Accepting Notice of Voluntary Dismissal pursuant to Rule 41(a) of the Federal Rules of Civil Procedure dismissing two of the individual defendants from this case without prejudice was issued by the Court.

On November 15, 2012, the Court issued an Order granting Defendants' motions to dismiss.

On February 5, 2014, the Court issued an Order administratively closing this case, but the Motions to Dismiss filed previously by the Defendants remains pending.

COMPANY INFORMATION:

Sector: Technology
Industry: Computer Services
Headquarters: United States

SECURITIES INFORMATION:

Ticker Symbol: FFN
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: S.D. Florida
DOCKET #: 11-CV-81270
JUDGE: Hon.Donald M. Middlebrooks
DATE FILED: 11/14/2011
CLASS PERIOD START: 05/11/2011
CLASS PERIOD END: 11/14/2011
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. Block & Leviton LLP
    155 Federal Street, Suite 1303, Block & Leviton LLP, MA 02110
    (617) 398-5600 (617) 507-6020 ·
  2. Menzer & Hill, P.A.
    2200 NW Corporate Blvd., Menzer & Hill, P.A., FL 33431
    (561) 327-7200 (561) 431-4611 ·
  3. Simon & Bocksch
    1001 Brickell Bay Drive, Suite 1200, Simon & Bocksch, FL 33131
    305-375-6500 954-629-4888 ·
No Document Title Filing Date
COURT: S.D. Florida
DOCKET #: 11-CV-81270
JUDGE: Hon.Donald M. Middlebrooks
DATE FILED: 06/20/2013
CLASS PERIOD START: 05/11/2011
CLASS PERIOD END: 11/14/2011
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. Block & Leviton LLP
    155 Federal Street, Suite 1303, Block & Leviton LLP, MA 02110
    (617) 398-5600 (617) 507-6020 ·
  2. Menzer & Hill, P.A.
    2200 NW Corporate Blvd., Menzer & Hill, P.A., FL 33431
    (561) 327-7200 (561) 431-4611 ·
No Document Title Filing Date