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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 October 7, 2019 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.
July 15, 2019 - The court preliminarily approved the settlement.
June 12, 2019 - A stipulation of settlement was filed by the parties..
February 8, 2018 - A motion to dismiss the second amended complaint was filed.
January 18, 2018 - A second amended complaint was filed.
December 19, 2017 - The court granted the defendants' motion to dismiss. The plaintiffs were given leave to amend the complaint.
May 8, 2017 - A motion to dismiss the amended complaint was filed.
March 21, 2017 - An amended complaint was filed.
August 24, 2016 - An investor in shares of Global Digital Solutions Inc (OTCMKTS: GDSI) filed a lawsuit in the U.S. District Court for the District of New Jersey over alleged violations of Federal Securities Laws by Global Digital Solutions Inc in connection with certain allegedly false and misleading statements made between October 8, 2013 through August 12, 2016.
According to the complaint the plaintiff alleges on behalf of purchasers of Global Digital Solutions Inc (OTCMKTS: GDSI) common shares between October 8, 2013 through August 12, 2016, that the defendants violated Federal Securities Laws.
More specifically, the plaintiff claims that between October 8, 2013 through August 12, 2016 the defendants made false and/or misleading statements and/or failed to disclose that Airtronic USA Inc’s original equipment manufacturer supplier agreement that Global Digital Solutions Inc disclosed in its press releases in October, 2013 did not exist, that Global Digital Solutions Inc failed to remove these misleading statements from its website despite repeated requests to do so from the CEO of Airtronic, that Global Digital Solutions Inc lacked a reasonable basis for its revenue projection for 2014, that Global Digital Solutions Inc had no credible financing in place to acquire any company, that Global Digital Solutions Inc received various communications indicating Remington Outdoor Company Inc had no interest in Global Digital Solutions Inc’s unsolicited acquisition offer, that Remington had already rejected Global Digital Solutions Inc’s offer on several occasions, and that as a result, defendants’ statements about Global Digital Solutions Inc’s business, operations and prospects were materially false and misleading and/or lacked a reasonable basis at all relevant times.
On August 12, 2016, the Securities and Exchange Commission (“SEC”) charged Global Digital Solutions Inc’s former chairman and CEO Richard J. Sullivan, and former CFO David A. Loppert with defrauding investors by issuing false and misleading press releases purporting that Global Digital Solutions Inc was a budding leader in cyber arms manufacturing and security technology solutions.
According to the SEC’s complaint, Sullivan and Loppert were behind the press releases and corporate filings that falsified Global Digital Solutions Inc’s operations and revenue projections when in reality it had no customers, never manufactured any cyber arms, and never provided any security technology services or solutions.