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You must submit the settlement "Proof" form attached below, in order to participate in this settlement. There is a strict deadline of November 28, 2016 by which all claims must be submitted. The instructions for submitting are included in the "Proof" and the "Notice" files attached below for your download. DO NOT SEND THE FORMS TO THE SHAREHOLDERS FOUNDATION, INC.
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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
Settlement Overview
You must register to view and download the Settlement Notice and Settlement Proof.
April 11, 2017 - The court approved the settlement.
September 13, 2016 - The court preliminarily approved the settlement.
August 1, 2016 - A stipulation of settlement was filed by the parties.
July 30, 2014 - The Court of Appeals reversed the March 6, 2012 court's decision and remanded the case for further proceedings.
April 4, 2012 - A notice of appeal was filed.
March 6, 2012 - The court granted the defendants' motion to dismiss.
December 21, 2011 - A motion to dismiss the third amended consolidated complaint was filed.
November 21, 2011 - A third amended consolidated complaint was filed.
May 26, 2011 - The court granted the defendants' motion to dismiss. The plaintiffs were given leave to amend the complaint.
March 14, 2011 - A motion to dismiss the second amended consolidated complaint was filed.
February 11, 2011 - A second amended consolidated complaint was filed.
January 12, 2011 - The court granted the defendants' motion to dismiss. The plaintiffs were given leave to amend the complaint.
November 19, 2010 - A third motion to dismiss the amended consolidated complaint was filed.
November 8, 2010 - A second motion to dismiss the amended consolidated complaint was filed.
October 20, 2010 - A motion to dismiss the amended consolidated complaint was filed.
September 13, 2010 - An amended consolidated complaint was filed.
March 2, 2010 - An investor in shares of Electronic Game Card Inc (OTC: EGMI) filed a lawsuit in U.S. District Court for the Central District of California against Electronic Game Card Inc over alleged violations of Federal Securities Laws in connection with allegedly false and misleading statements made between April 5, 2007 and February 19, 2010.
According to the complaint the plaintiff alleges that Electronic Game Card Inc and certain of its executive officers violated Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 by issuing between April 5, 2007 and February 19, 2010 false and misleading statements. The complaint further alleges that on February 10, 2010, Electronic Game Card Inc postponed a conference call, which was slated to discuss important internal issues at Electronic Game Card Inc. The postponement resulted in an immediate sixteen percent drop in stock price.
On February 19, 2010, Electronic Game Card Inc announced that: (a) its independent auditors withdrew its audit opinions for Electronic Game Card Inc’s financial statements for the years ended December 31, 2006, 2007, and 2008; and (b) its financial reporting for the years ended December 31, 2006, 2007, and 2008 as well as its quarterly reports for its first three quarters of 2009 needed to be adjusted and reissued. Also on February 19, 2010, the United States Securities and Exchange Commission halted trading in EGC securities. As a result, class members have suffered substantial damages and their shares are currently illiquid. Electronic Game Card Inc reported in 2007 Total Revenue of $6.04 million with a Net Income of $3.46 million and in 2008 Total Revenue of $10.65 million with a Net Income of $6.27 million. Shares of Electronic Game Card Inc (OTC: EGMI) traded recently at $0.88 per share, down from its 52 week High of $2.24 per share.
Electronic Game Card Inc, located in New York, is a designer and manufacturer of a gaming device. The gaming device is marketed under the name of EGC Electronic Game Card Inc referred to as GameCard. The shape of a pocket GameCard is approximately the size of a credit card, operated electronically by touch and incorporating a microchip and liquid crystal display (LCD) screen showing numbers or icons. Electronic Game Card Inc designs its GameCards to play game types, formats and prize structures as required by its customers and is building a software library of generic game formats of themes.