Strauss & Troy Files Class Action Lawsuit Against Zoo Entertainment, Inc. -- ZOOG
02 Agosto 2011 - 4:33PM
On July 22, 2011, Strauss & Troy filed a class action lawsuit
on behalf of all purchasers of Zoo Entertainment, Inc.
(Nasdaq:ZOOG). The Complaint was filed in the United States
District Court for the Southern District of Ohio on behalf of
investors who purchased shares in Zoo Entertainment ("Zoo" or the
"Company") between May17, 2010 and April 15, 2011.
The Complaint alleges that Zoo Entertainment and certain of its
officers and directors violated federal securities laws by issuing
a series of false and misleading statements which had the effect of
artificially inflating the market price. Specifically
the complaint alleges that Defendants, notwithstanding their
knowledge of the Company's material weaknesses in its internal
controls, caused the Cincinnati-based computer game company to
report financial results that overstated shareholder equity by over
$250,000 and inflated both net income and diluted net income per
common share by 660% and 900%, respectively.
On April 15, 2011, the Company disclosed that it had erred "in
recording certain transactions in the Company's previously filed
unaudited consolidated financial statements" for the first three
quarters of 2010, ended March 31, 2010, June 30, 2010 and September
30, 2010. As a result, the Company warned that investors
should no longer rely on those financial statements. On the
announcement of this news, the price of Zoo common stock plummeted
34.3%. Plaintiffs seek to recover damages on behalf of themselves
and all other individual and institutional investors who purchased
or otherwise acquired Zoo Entertainment, Inc. common stock between
May 17, 2010 and April 15, 2011, excluding Defendants and their
affiliates. Plaintiffs are represented by Strauss & Troy, a law
firm with extensive experience in prosecuting class actions for
violations of the federal securities laws. If you are
interested in becoming a lead plaintiff, you may file a motion with
the court no later than September 26, 2011, and
request that the court appoint you as lead plaintiff. A lead
plaintiff is a representative party acting on behalf of class
members. If you would like more information about the Zoo
shareholder lawsuit, or have any questions concerning your rights
or interests, please contact: Richard S. Wayne, Esq. or Annie C.
Jansen, STRAUSS & TROY, 150 E. Fourth Street, Cincinnati, Ohio
45202 (513) 621-2120, rswayne@strausstroy.com ,
acjansen@strausstroy.com.
CONTACT: Strauss & Troy
(513) 621-2120
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