According to the Complaint, Intelligent Systems Corporation purports to primarily engaged in the business of providing technology solutions and processing services to the financial technology and services market.

The Complaint alleges that throughout the Class Period, Defendants made false and/or misleading statements and/or failed to disclose that: (1) one of the Defendants engaged in accounting fraud as the CEO of MiMedx Group, Inc.; (2) Intelligent Systems’ CEO engaged in undisclosed related-party transactions with others and had an undisclosed personal relationship with the Company’s auditor; (3) Intelligent Systems had its employees set up or take control of shell companies in Asia so they could partake in undisclosed related-party transactions for the purpose of either fabricating revenue for the Company and/or siphoning money out of the Company; and (4) as a result, Defendants’ statements about Intelligent Systems’ business, operations, and prospects were materially false and/or misleading and/or lacked a reasonable basis at all relevant times.

On September 26, 2019, the Court issued an Order appointing Lead Plaintiff and Counsel. Lead Plaintiff filed an amended Complaint on November 18. Defendants filed a Motion to Dismiss the amended Complaint on March 3, 2020. On March 31, 2021, the Court granted Defendants' Motion to Dismiss. Plaintiff was given leave to amend the Complaint.