According to the law firm press release, IEC is a provider of electronic contract manufacturing services (“EMS”) to advanced technology companies. The Company specializes in the custom manufacture of high reliability, complex circuit cards and system-level assemblies, a wide array of cable and wire harness assemblies capable of withstanding extreme environments, and precision sheet metal components. The Complaint alleges that the defendants misrepresented or failed to disclose material adverse facts concerning the Company’s business, operations, and financial performance. Specifically, the Complaint alleges that during the Class Period the Company issued false and/or misleading statements and/or failed to disclose that: (1) the Company was improperly accounting for work-in-process inventory for one of its subsidiaries; (2) as a result, the Company’s gross profit was overstated during the Class Period; (3) as such, the Company’s financial results were not prepared in accordance with Generally Accepted Accounting Principles (“GAAP”); (4) the Company lacked adequate internal and financial controls; and (5), as a result of the foregoing, the Company’s financial statements were materially false and misleading at all relevant times.
A consolidated complaint was filed on November 15, 2013.
On September 11, 2014, the Court issued an Order granting Defendants' Motion to Dismiss, and also denied Plaintiffs' request to amend their Complaint. Thus, this case was closed.