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Case Status:    DISMISSED    
On or around 09/12/2014 (Date of order of final judgment)

Filing Date: June 28, 2013

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.

COMPANY INFORMATION:

Sector:
Industry:
Headquarters: United States

SECURITIES INFORMATION:

Ticker Symbol: IEC
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. New York
DOCKET #: 13-CV-04507
JUDGE: Hon. Jesse M. Furman
DATE FILED: 06/28/2013
CLASS PERIOD START: 02/08/2012
CLASS PERIOD END: 05/21/2013
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. Glancy Binkow & Goldberg LLP (NY)
    1430 Broadway, Suite 1603, Glancy Binkow & Goldberg LLP (NY), NY 10018
    212.382.2221 212.382.2221 · info@glancylaw.com
  2. The Young Law Firm
    347 Bridge St., Suite 201, The Young Law Firm, PA 19460
    610.933.4440 ·
No Document Title Filing Date
COURT: S.D. New York
DOCKET #: 13-CV-04507
JUDGE: Hon. Jesse M. Furman
DATE FILED: 11/15/2013
CLASS PERIOD START: 02/08/2012
CLASS PERIOD END: 05/21/2013
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. Glancy Binkow & Goldberg LLP (NY)
    1501 Broadway, Suite 1416, Glancy Binkow & Goldberg LLP (NY), NY 10036
    917.510.000 646.366-089 · info@glancylaw.com
  2. The Young Law Firm
    347 Bridge St., Suite 201, The Young Law Firm, PA 19460
    610.933.4440 ·
No Document Title Filing Date