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Case Status:    DISMISSED    
On or around 11/02/2018 (Date of order of final judgment)

Filing Date: July 28, 2015

According to the law firm press release, VASCO Data Security International, Inc., together with its subsidiaries, designs, develops, markets, and supports hardware and software security systems that manage and secure access to information assets worldwide. VASCO Data’s computer security subsidiaries include VASCO Data Security, Inc. in Illinois, and VASCO Data Security nv/sa of Belgium. The Company sells its security solutions through its direct sales force, distributors, resellers, and systems integrators.

The Complaint alleges that throughout the Class Period, defendants made materially false and misleading statements regarding the Company’s business, operational and compliance policies. Specifically, defendants made false and/or misleading statements and/or failed to disclose that: (1) VASCO’s products were illegally sold to parties in Iran in violation of federal laws prohibiting such sales; (2) the Company lacked adequate internal controls; and (3) as a result of the foregoing, VASCO’s public statements were materially false and misleading at all relevant times.

On July 21, 2015, after the market closed for trading, VASCO filed a Form 8-K with the SEC announcing “that certain of its products which were sold by a VASCO European subsidiary to a third-party distributor may have been resold by the distributor to parties in Iran, potentially including parties” subject to U.S. economic sanctions.

As a result of this news, shares of VASCO fell $0.86, or over 3.22%, on unusually heavy volume, to close at $25.83 on July 22, 2015.

An amended Complaint was filed on January 30, 2017. Defendants filed a Motion to Dismiss the amended Complaint on March 31. On September 30, 2018, the Court issued an Order granting Defendants' Motion to Dismiss. Plaintiff was given leave to amend the Complaint. Plaintiff did not amend the Complaint. On November 2, the Court entered final judgment in favor of the Defendants.


Sector: Technology
Industry: Software & Programming
Headquarters: United States


Ticker Symbol: VDSI
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.
COURT: N.D. Illinois
DOCKET #: 15-CV-06605
JUDGE: Hon. Andrea R. Wood
DATE FILED: 07/28/2015
CLASS PERIOD END: 07/21/2015
  1. Pomerantz LLP (New York)
No Document Title Filing Date
COURT: N.D. Illinois
DOCKET #: 15-CV-06605
JUDGE: Hon. Andrea R. Wood
DATE FILED: 01/30/2017
CLASS PERIOD END: 07/28/2015
  1. DiTommaso Lubin, P.C.
    17W 220 22nd Street, Suite 410 , DiTommaso Lubin, P.C. , IL 60181
    (630) 333-0000 ·
  2. Levi & Korsinsky LLP (DC)
    1101 30th Street, NW; Suite 115, Levi & Korsinsky LLP (DC), DC 20007
No Document Title Filing Date
—Related District Court Filings Data is not available