Bernstein Liebhard LLP Announces Filing of a Class Action against Zoo Entertainment, Inc.
15 Agosto 2011 - 4:03PM
Business Wire
Bernstein Liebhard LLP today announced that a lawsuit has been
filed in the United States District Court for the Southern District
of Ohio on behalf of a class (the “Class”) of investors who
purchased Zoo Entertainment Inc. (“Zoo” or the “Company”) (NASDAQ:
ZOOG) common stock between the period of May 17, 2010 and April 15,
2011 (the “Class Period”).
Zoo and certain of its officers and directors are charged with
issuing a series of materially false and misleading statements in
violation of Sections 10(b) and 20(a) of the Securities Exchange
Act of 1934 and Rule 10b-5 promulgated thereunder. Specifically,
the complaint alleges that Defendants, notwithstanding their
knowledge of the Company's material weaknesses in its internal
controls, caused the 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 filed with the SEC a Current
Report on Form 8-K, disclosing 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% from an April
15, 2010 close of $4.40 per share to an April 18, 2010 close of
$2.89 on unusually high volume of 1.045 million shares traded.
Plaintiffs seek to recover damages on behalf of all Class
members who purchased or otherwise acquired shares of Zoo during
the Class Period. If you purchased or otherwise acquired Zoo shares
during the Class Period, and either lost money on the transaction
or still hold the shares, you may wish to join in this action to
serve as lead plaintiff. In order to do so, you must meet certain
requirements set forth in the applicable law and file appropriate
papers no later than September 23, 2011.
A “lead plaintiff” is a representative party that acts on behalf
of other class members in directing the litigation. In order to be
appointed lead plaintiff, the court must determine that the class
member’s claim is typical of the claims of other class members, and
that the class member will adequately represent the class. Under
certain circumstances, one or more class members may together serve
as lead plaintiff. Your ability to share in any recovery is not,
however, affected by the decision whether or not to serve as a lead
plaintiff. You may retain Bernstein Liebhard LLP, or other counsel
of your choice, to serve as your counsel in this action.
If you are interested in discussing your rights as a Zoo
shareholder and/or have information relating to the matter, please
contact Joseph R. Seidman, Jr. at (877) 779-1414 or
seidman@bernlieb.com.
Bernstein Liebhard has pursued hundreds of securities, consumer
and shareholder rights cases and recovered almost $3 billion for
its clients. It has been named to The National Law Journal’s
“Plaintiffs’ Hot List” in each of the last eight years.
You can obtain a copy of the complaint from the clerk of the
court for the United States District Court for the Southern
District of Ohio.
Bernstein Liebhard LLP 10 East 40th Street New York, New York 10016
(877) 779-1414
www.bernlieb.com
ATTORNEY ADVERTISING. © 2011 Bernstein Liebhard LLP. The law
firm responsible for this advertisement is Bernstein Liebhard LLP,
10 East 40th Street, New York, New York 10016, (212) 779-1414. The
lawyer responsible for this advertisement in the State of
Connecticut is Mary U. Hoover. Prior results do not guarantee or
predict a similar outcome with respect to any future matter.
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