March 5, 2009 - The court dismissed the case for want of prosecution.
September 4, 2008 - The lead plaintiff and lead counsel were appointed.

April 21, 2008 - Lead plaintiff motions were filed.

February 20, 2008 - An investor in shares of Charys Holding Company Inc (OTC: CHYSQ) filed a lawsuit in the U.S. District Court for the Northern District of Georgia against Charys Holding Company Inc over alleged violations of Federal Securities Laws in connection with certain allegedly false and misleading statements made between March 30, 2006 and August 14, 2007.

According to the complaint the plaintiff charges Charys Holding Company Inc and certain of its officers and directors with violations of the Securities Exchange Act of 1934. The complaint alleges that between March 30, 2006 and August 14, 2007 defendant issued materially false and misleading statements regarding Charys Holding Company Inc's business and financial results.

In the closing months of 2005, Charys Holding Company Inc acquired Viasys Network Services Inc and Viasys Services Inc, as well as Method IQ Inc. The sellers of Viasys Services Inc and Method IQ Inc were to receive “earn out” payments if, after the acquisitions, Charys Holding Company Inc achieved certain goals for revenue and earnings. The complaint alleges that the pre-acquisition revenues of Viasys Services Inc and Method IQ Inc should have been properly recorded on the books of those companies. Instead, they were improperly deferred and recorded on the books of Charys Holding Company Inc after it acquired those companies. In addition, the post-acquisition expenses of Viasys Services Inc and Method IQ Inc should have been recorded on the books of Charys Holding Company Inc, but were instead improperly accrued and recorded on the books of Viasys Services Inc and Method IQ Inc. As a result, Charys Holding Company Inc’s revenue and gross profit were overstated during March 30, 2006 and August 14, 2007, and it expenses were understated.

On June 8, 2006, Charys Holding Company Inc (OTC: CHYSQ) acquired Crochet & Borel Services Inc, using artificially inflated stock as currency. Defendants engaged in the same accounting scheme: the reported Crochet & Borel Services Inc revenue and income from operations were materially overstated because Charys Holding Company Inc had fraudulently included pre-acquisition Crochet & Borel Services Inc revenues and had omitted Crochet & Borel Services Inc post-acquisition expenses. In addition, during March 30, 2006 and August 14, 2007, defendants knew or recklessly ignored that Crochet & Borel Services Inc's goodwill was materially impaired by well over $100 million, but failed to disclose this fact. Charys Holding Company Inc, however, continued to request extensions of time from the SEC in which to file its annual report on Form 10-KSB.

On August 14, 2007, the end of the Class Period, when no large catastrophic-loss contracts for Crochet & Borel Services Inc were announced, the investment community knew that a large write-down of Crochet & Borel Services Inc's goodwill was imminent. The stock price dropped, and continued to decline thereafter. On November 5, 2007, Charys Holding Company Inc announced a $202.5 million write-down of goodwill attributable to Crochet & Borel Services Inc. Charys Holding Company Inc also finally filed its fiscal 2007 Form 10-KSB on that date, confirming that Crochet & Borel Services Inc had been an unprofitable business whose goodwill should have been written down as of October 31, 2006. On February 14, 2008, Charys Holding Company Inc filed for bankruptcy and announced that individual defendant, Charys Holding Company Inc’s CEO, had resigned.

Charys Holding Company Inc operates two segments: Remediation and Reconstruction and Wireless Communications and Data Infrastructure. Charys Holding Company Inc's Remediation segment provides services to respond to catastrophic losses, like hurricanes; its Wireless segment offers telecommunication services to large service providers. According to the complaint, defendants engaged in an elaborate accounting fraud in connection with several companies Charys Holding Company Inc acquired.