According to the law firm press release, the lawsuit alleges throughout the Class Period, Defendants issued materially false and misleading statements to investors and/or failed to disclose that: (1) the Company had deficient internal controls, (2) the lack of internal controls allowed Defendant to exert influence and control over the Company, (3) the Company was engaged in improper and undisclosed material related party transactions, (4) Defendants were engaged in a scheme to manipulate the Company’s stock price, and (5) as a result, the Company’s public statements were materially false and misleading and/or lacked a reasonable basis at all relevant times. When the true details entered the market, the lawsuit claims that investors suffered damages.

Plaintiffs filed an amended Complaint on March 23, 2016. This was followed by a second amended Complaint on April 4.

On March 6, 2017, the Court issued an Order granting Defendant's Motion to Dismiss with prejudice. Lead Plaintiffs filed a Notice appealing this decision on April 3. On August 2, 2018, the Court of Appeals issued a summary Order reversing in part the decision of the District Court and remanding for proceedings consistent with their opinion.