According to the law firm press release, the lawsuit alleges defendants throughout the Class Period made false and/or misleading statements and/or failed to disclose that: (1) Airtronic USA, Inc.’s original equipment manufacturer supplier agreement that Global Digital disclosed in its press releases in October, 2013 did not exist; (2) Global Digital failed to remove these misleading statements from its website despite repeated requests to do so from the CEO of Airtronic; (3) Global Digital lacked a reasonable basis for its revenue projection for 2014; (4) Global Digital had no credible financing in place to acquire any company; (5) Global Digital received various communications indicating Remington Outdoor Company, Inc. had no interest in Global Digital’s unsolicited acquisition offer; (6) Remington had already rejected Global Digital’s offer on several occasions; and (7) as a result, defendants’ statements about Global Digital’s business, operations and prospects 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.
On November 10, 2016, the Court appointed Lead Plaintiff and Counsel. Lead Plaintiff filed an amended Complaint on March 21, 2017. Defendants filed Motions to Dismiss the amended Complaint on May 8. On December 19, the Court issued an Order granting Defendants' Motions to Dismiss. Plaintiff was given leave to file an amended complaint. On January 18, 2018, Plaintiff filed a second amended Complaint. Defendants filed a Motion to Dismiss the second amended Complaint on February 8. On September 14, the Court issued an Order denying Defendants' Motion to Dismiss.