Corporate Resource Services, Inc. Securities Litigation
On or around 10/30/2017 (Date of order of final judgment)
Filing Date: March 02, 2015
According to the law firm press release, the lawsuit alleges Corporate Resource Services issued materially false and misleading statements to investors by failing to disclose that its co-employer, Tri-State Employment Services, Inc., had a material unpaid federal payroll tax liability, which would adversely impact the Company and the Company was not in compliance with the Account Purchase Agreements with Wells Fargo as of November 30, 2014. When the truth was revealed to investors, the price of Corporate Resource Services common stock dropped, damaging investors.
On May 26, 2015, this case was transferred to the Southern District of New York.
An amended complaint was filed on August 14, 2015.
On July 5, 2016, the Court issued an Order granting the motions to dismiss of certain defendants and denying the motions of other defendants.
The remaining parties entered into a Stipulation of Settlement on May 31, 2017. Preliminary approval was granted on July 11, 2017. Final approval was granted on October 30.
Company & Securities Information
Defendant: Corporate Resource Services, Inc.
Industry: Business Services
Headquarters: United States
Ticker Symbol: CRRS
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.
First Identified Complaint
Weiyong Li, et al. v. Corporate Resource Services, Inc., et al.