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Case ID: 4552 | Stocks | 11/29/2005
A class action has been filed against Interlink Electronics Inc. (LINK), certain of its officers and directors by stockholders who purchased the company's common stock between April 24, 2003 and November 1, 2005. The action claims that the defendants violated federal securities laws by issuing a series of material misrepresentations to the market over this time period, thereby artificially inflating the price of the company's securities. The stockholders seek to recover compensatory damages for the loss of value of their stock.
Several purported shareholder class action lawsuits have been filed against Interlink Electronics Inc. and certain of the Company's executive officers charging the defendants with violations of federal securities laws. Among other things, plaintiff claims that defendants' material omissions and dissemination of materially false and misleading statements concerning Interlink's financial performance caused the Company's stock price to become artificially inflated, inflicting damages on investors. Interlink develops, manufactures, markets, and sells intuitive interface devices and components, such as wireless remote controls, for business and home applications. The Complaint alleges that defendants made repeated Class Period representations concerning the Company's performance and prospects which were materially false and misleading as a result of the Company's improper accounting practices and weak accounting controls. The complaint further alleges that on or around March 9, 2005, Interlink publicly announced it would restate its financial results for the first three quarters of 2004 to correct several instances of improper accounting. Then, on November 2, 2005, Interlink shocked investors by announcing it was again restating its financial statements -- this time for all of 2003 and 2004 and for the first two quarters of 2005 -- wiping out previously reported earnings. This news sent Interlink shares plummeting in value by 40%. If you bought Interlink Electronics Inc. securities between April 24, 2003 and November 1, 2005, inclusive, and would like to obtain information about the Interlink Electronics Inc. lawsuit, then you are invited to call (866) 467-1400 to speak with an attorney. At Lawcash.com, it is our goal to keep you informed about important legal cases, class actions and settlements. Our lawyers offer free legal evaluations in tort cases, class actions, personal injury, and other lawsuits because we are dedicated to helping you resolve your legal complaints. Other Stocks Cases of Interest Who will look out for stockholders if corporate executives and boards don’t? Several class actions have been filed against the directors of petroleum companies Pennzoil-Quaker State Company by stockholders who allege that the directors breached their fiduciary duties to them in agreeing to the 2002 Pennzoil-Quaker State and Shell Oil Company merger. A class action has been filed against Sipex Corporation (NasdaqNM:SIPX), and certain of its officers and directors by stockholders who purchased the company's common stock between April 11, 2003 and January 20, 2005. The action claims that the defendants violated federal securities laws by issuing a series of material misrepresentations to the market over this time period, thereby artificially inflating the price of the company's securities. The stockholders seek to recover compensatory damages for the loss of value of their stock. A class action has been filed against jewelry chain story operator Friedman's Inc. (NYSE: FRM) and certain of its officers and directors by stockholders who purchased the company's common stock between January 26, 2000 and November 11, 2003. The action claims that the defendants violated federal securities laws by issuing a series of material misrepresentations to the market over this time period, thereby artificially inflating the price of the company's securities. The stockholders seek to recover compensatory damages for the loss of value of their stock. A class action has been filed against karaoke equipment maker The Singing Machine Company, Inc. (AMEX: SMD), certain of its officers and directors, and its auditor, Salberg & Company, P.A., by stockholders who purchased the company's common stock between August 9, 2001, and June 27, 2003. The parties have reached a $1.35 million settlement in an administrative proceeding filed by the SEC against certain former officers and directors of software company First Virtual Communications, Inc., (Nasdaq: FVCXE) on behalf of stockholders who purchased the company's common stock between January 28, 1999, and April 6, 1999. The action claimed that the defendants violated federal securities laws by issuing a series of material misrepresentations to the market over this time period, thereby artificially inflating the price of the company's securities. Claim forms must be postmarked on or before September 21, 2004, to be considered valid. The parties have reached a tentative settlement apparently valued at approximately $611,000 in action filed against Tengasco CEO M.E. Ratliff and Tengasco, Inc. (Amex:TGC) on behalf of stockholders who purchased the company's common stock between August 1, 2001, and April 22, 2002. Persons eligible to participate in the settlement must file a proof of claim postmarked no later than July 16, 2004. |
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