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Case Status:    ONGOING    
On or around 10/16/2018 (Ongoing date of last review)

Filing Date: October 15, 2018

According to the Complaint, Air Industries Group ("Air Industries" or the Company) is an aerospace company
operating primarily in the defense industry, as well as in the commercial and industrial sector. The Company manufactures and designs structural parts and assemblies that focus on flight safety, including landing gear, arresting gear, engine mounts, flight controls, throttle quadrants, and other components.

On August 24, 2017, the Company filed a Schedule 14A Proxy Statement (the “Proxy”) with the SEC for the Annual Meeting. In the Proxy, the Board asked stockholders of Air Industries to approve an amendment (the “Amendment”) to the Company’s Articles of Incorporation to increase the number of authorized common stock from 25,000,000 to 50,000,000 (the “Share Increase Proposal”). The Proxy affirmatively represented that brokers could not vote shares that they held on behalf of someone else in connection with the Share Increase Proposal unless that party directed the brokers how to vote. As stated in the Proxy, any shares held by brokers on behalf of another for which that party did not give voting instructions would be counted as a “broker non-vote” and treated
as a “Against” vote with respect to the Share Increase Proposal.

The Complaint alleges that in truth, the brokers had discretion to cast votes without any instructions from the actual stockholders, and the Company counted broker non-votes as affirmative votes, and as such, the Proxy was materially false and misleading.

COMPANY INFORMATION:

Sector: Capital Goods
Industry: Aerospace & Defense
Headquarters: United States

SECURITIES INFORMATION:

Ticker Symbol: AIRI
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: E.D. New York
DOCKET #: 18-CV-05757
JUDGE: Hon. Joseph F. Bianco
DATE FILED: 10/15/2018
CLASS PERIOD START: 08/24/2017
CLASS PERIOD END: 10/15/2018
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. Bragar Eagel & Squire PC
    885 Third Avenue Suite 3040 , Bragar Eagel & Squire PC , NY 10022
    212-308-5858 212-214-0506 ·
  2. Levi & Korsinsky, LLP
    30 Broad Street, 15 1h Floor, Levi & Korsinsky, LLP, NY 10004
    212.363.7500 212.363-7171 ·
No Document Title Filing Date
—Reference Complaint Complaint Related Data is not available
—Related District Court Filings Data is not available