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DGSE Companies Inc (AMEX: DGSE) Investor Securities Class Action Lawsuit 09/07/2012

  • If you purchased shares of DGSE Companies Inc (AMEX: DGSE), you might have certain options and should contact the Shareholders Foundation, Inc.

  • To have your information reviewed for options and to receive notifications about this case, please send an email to mail@shareholdersfoundation.com, or call us at (858) 779-1554.

Lawsuit Overview

Company
DGSE Companies, Inc.
Security
AMEX: DGSE

Case Name
DGSE Shareholder Class Action Lawsuit 09/07/2012
Type of Lawsuit
Shareholder Class Action
Court of Filing
U.S. District Court for the Northern District of Texas

Class Period Begin
Class Period End
Deadline To File for Lead
Settlement Notice
dgse_companies_inc_settlement_notice_7_2013.pdf
Settlement Proof
dgse_companies_inc_settlement_proof_7_2013.pdf
Filed Complaint
dgse_companies_inc_original_complaint_edited_9_2012.pdf
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Settlement Overview

Date Settled
Date Settled
Settlement Amount
$1,700,000.00
Deadline to Participate in Settlement

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Summary

July 31, 2014 - The court ordered the authorization of the distribution of the net settlement fund.
October 21, 2013 - The court held a final settlement hearing and approved the settlement.

July 8, 2013 - The court preliminarily approved the settlement.

July 3, 2013 - Parties filed a stipulation of settlement.

January 24, 2013 - The lead plaintiff and lead counsel were appointed.

November 6, 2012 - Lead plaintiff motions were filed.

September 7, 2012 - An investor in shares of DGSE Companies Inc (AMEX: DGSE) filed a lawsuit in the U.S. District Court for the Northern District of Texas against DGSE Companies Inc over alleged violations of Federal Securities Laws.

According to the complaint the plaintiff alleges on behalf of all persons or entities that purchased the securities of DGSE Companies Inc (AMEX: DGSE) between April 15, 2011 and April 17, 2012, that defendants violated the Securities Exchange Act of 1934 by issuing between April 15, 2011 and April 17, 2012 allegedly materially false and misleading statements regarding the Company's business operations, financial condition and prospects.

DGSE Companies Inc reported that its annual Revenue fell from $101.22million in 2008 to $82.57million in 2010, but its Net Loss of $7.85million in 2008 turned into a Net Income of $5.66million in 2010. For the first three quarters in 2011 DGSE Companies Inc reported a combined nine month Revenue of $105.58million with a nine months combined Net Income of $1.10million.

Then on April 16, 2012, DGSE Companies Inc disclosed that on April 13, 2012, its Board of Directors determined the existence of certain accounting irregularities beginning approximately during the second calendar quarter of 2007 and continuing in periods subsequent thereto, which could affect financial information reported since that time. DGSE Companies Inc said it believes that the accounting irregularities are the result of improper accounting of inventory and other balance sheet accounts by its former Chief Financial Officer.

On April 17, 2012 DGSE Companies Inc announced that trading in its common stock has been halted on the American Stock Exchange effective 9:30AM EDT. DGSE Companies Inc said the trading halt is the result of the its inability to comply with certain information disclosure requirements of the American Stock Exchange.

dgse_companies_inc_original_complaint_edited_9_2012.pdf
Date Settled