Jan. 4, 2013 (Shareholders Foundation) -- An investor in shares of Electronic Game Card, Inc. (PINK:EGMIQ) filed a lawsuit in the U.S. District Court for the Southern District of New York against former auditors of Electronic Game Card, Inc. over alleged securities laws violations.

According to the complaint the plaintiff alleges on behalf of all purchasers of Electronic Game Card, Inc. (PINK:EGMIQ) stock between April 5, 2007 and February 19, 2010, that Timothy Quintanilla and certain of the present and former partners of Mendoza Berger & Co., LLP violated the Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 The plaintiff claims that that between April 5, 2007 and February 19, 2010, certain of the present and former partners of Mendoza Berger & Co., LLP, Electronic Game Card's independent auditor, issued allegedly materially false and misleading audit opinions certifying financial statements of Electronic Game Card, which allegedly misrepresented the Company's true financial condition. Electronic Game Card, Inc. (PINK:EGMIQ) reported that its annual Revenue rose from $6.04 million in 2007 to $10.65 million in 2008 and that its respective Net Income increased from $3.46 million to $6.27 million.

In early 2010 investors filed a lawsuit in in United States District Court for the Central District of California against Electronic Game Card, Inc. and certain of its executive officers.

Then, on September 28, 2010, Electronic Game Card, Inc. filed a voluntary petition for liquidation under Chapter 7 in the US Bankruptcy Court.