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GSI Group Inc (NASDAQ: GSIG) Investor Securities Class Action Lawsuit 12/12/2008

  • If you purchased shares of GSI Group Inc (NASDAQ: GSIG), 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
GSI Group Inc.
Security
NASDAQ: GSIG

Case Name
GSI Group Shareholder Class Action Lawsuit 12/12/2008
Type of Lawsuit
Shareholder Class Action
Court of Filing
U.S. District Court for the District of Massachusetts

Class Period Begin
Class Period End
Settlement Notice
gsi_group_inc_settlement_notice_10_2010.pdf
Settlement Proof
gsi_group_inc_settlement_proof_10_2010.pdf
Filed Complaint
gsi_group_inc_original_filing_edited_12_2008.pdf
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Settlement Overview

Date Settled
Date Settled
Settlement Amount
$3,250,000.00
Deadline to Participate in Settlement

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Summary

February 22, 2011 - The court approved the settlement, entered the orders approving the plan of allocation, the motion for attorneys' fees and expenses and dismissed the action with prejudice.
February 16, 2011 - The court held a final settlement hearing.

July 30, 2010 - Parties filed stipulation of settlement. In lieu of filing an amended complaint, the parties reached an agreement to settle the action on behalf of investors who purchased GSIG commons shares between February 27, 2007 and June 30, 2009.

May 8, 2009 - The lead plaintiff and lead counsel were appointed.

February 10, 2009 - Lead plaintiff motions were filed.

December 12, 2008 - An investor in shares of GSI Group Inc (NASDAQ: GSIG) filed a lawsuit in the U.S. District Court for the District of Massachusetts against GSI Group Inc over alleged violations of Federal Securities Laws.

According to the complaint the plaintiff charges GSI Group Inc and certain of its officers and directors with violations of the Securities Exchange Act of 1934. The complaint alleges that between April 30, 2008 and December 3, 2008 defendant issued materially false and misleading statements regarding GSI Group Inc's business and financial results.

Specifically, on December 4, 2008, GSI Group Inc shocked investors when it announced that it would restate its financial statements for the first and second fiscal quarters of 2008. GSI Group Inc revealed that revenue of approximately $8,982,000 recognized in the first fiscal quarter ended March 28, 2008 and revenue of approximately $7,194,000 recognized in the second fiscal quarter ended June 27, 2008 should have been deferred until the delivery of additional equipment in accordance with the Financial Accounting Standards Board’s EITF 00-21, Revenue Arrangements with Multiple Deliverables, and that, as a result of the foregoing, the Audit Committee of the Board of Directors of GSI Group Inc had determined that the previously issued financial statements contained in GSI Group Inc’s Quarterly Reports on Form 10-Q for the periods ended March 28, 2008 and June 27, 2008 should no longer be relied upon. As a result to this news, shares of GSI Group Inc (NASDAQ: GSIG ) declined $0.28 per share, or 29.17%, to close on December 4, 2008, at $0.68 per share, on unusually heavy volume.

gsi_group_inc_original_filing_edited_12_2008.pdf
Date Settled