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AuthenTec Inc (NASDAQ: AUTH) Investor Securities Class Action Lawsuit 10/09/2008

  • If you purchased shares of AuthenTec Inc (NASDAQ: AUTH), you might have certain options and should contact the Shareholders Foundation, Inc.

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Lawsuit Overview

Case Dismissed
Company
AuthenTec
Security
NASDAQ: AUTH

Case Name
AuthenTec Shareholder Class Action Lawsuit 10/09/2008
Type of Lawsuit
Shareholder Class Action
Court of Filing
U.S. District Court for the Middle District of Florida

Class Period Begin
Class Period End


Class Period Begin
Class Period End
Deadline To File for Lead
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Summary

September 24, 2009 - The court granted the the defendants' motion to dismiss, dismissed the complaint with prejudice and ordered the case closed.
January 27, 2009 - Defendants filed a motion to dismiss.

January 20, 2009 - The lead plaintiffs filed a corrected amended complaint on behalf of investors who purchased AUTH common shares between October 29, 2007 and September 5, 2008. The lead plaintiff alleges that the defendants violated the Securities Exchange Act of 1934 by issuing false and misleading statements between October 29, 2007 and September 5, 2008.

January 9, 2009 - The lead plaintiffs filed an amended complaint.

December 24, 2008 - The lead plaintiffs and lead counsel were appointed.

December 8, 2008 - Lead plaintiff motions were filed.

December 4, 2008 - Defendants filed a motion to dismiss.

November 3, 2008 - Another investor filed a complaint.

October 9, 2008 - An investor in shares of AuthenTec Inc (formerly NASDAQ: AUTH) filed a lawsuit in the U.S. District Court for the Middle District of Florida against AuthenTec Inc over alleged violations of Federal Securities Laws in connection with certain allegedly false and misleading statements made between April 28, 2008 and September 5, 2008.

According to the complaint the plaintiff charges AuthenTec Inc and certain of its officers and directors with violations of the Securities Exchange Act of 1934. The complaint alleges that between April 28, 2008 and September 5, 2008 defendants issued materially false and misleading statements regarding AuthenTec Inc's business and financial results.

Among other things, the plaintiff claims that the defendants’ material omissions and dissemination of materially false and misleading statements concerning AuthenTec Inc’s business, operations and prospects, caused AuthenTec Inc’s (NASDAQ: AUTH) stock price to become artificially inflated, inflicting damages on investors.

The plaintiff alleges that between April 28, 2008 and September 5, 2008 defendants knew or recklessly disregarded that their public statements concerning AuthenTec Inc’s business and operations were materially false and misleading. The stockholder argues that defendants issued favorable revenue guidance and touted the AuthenTec Inc’s financial performance, as well as AuthenTec Inc’s prospects for sales and revenue growth. For example, on July 28, 2008 AuthenTec Inc provided revenue guidance of $19 million to $20 million for the third quarter of 2008 and $72 million to $78 million for the full year of 2008. But then on September 7, 2008, AuthenTec Inc shocked investors when it issued a press release in which it revised downward its previously issued financial guidance and on this news, AuthenTec Inc’s (NASDAQ: AUTH) shares declined $3.84 per share, or 60.1 percent, to close on September 8, 2008 at $2.55 per share, so the lawsuit.