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IDI Inc (NYSEMKT: IDI) Investor Securities Class Action Lawsuit 07/22/2015

  • If you purchased shares of IDI Inc (NYSEMKT: IDI), 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

Case Dismissed
Company
IDI, Inc.
Security
NYSEMKT: IDI

Case Name
IDI Shareholder Class Action Lawsuit 07/22/2015
Type of Lawsuit
Shareholder Class Action
Court of Filing
U.S. District Court for the Southern District of Florida

Class Period Begin
Class Period End
Deadline To File for Lead
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Summary

September 11, 2015 - The court ordered the case dismissed and closed the case.
September 10, 2015 - The plaintiff filed a stipulation of voluntary dismissal.

July 22, 2015 - An investor in shares of IDI Inc (NYSEMKT: IDI) filed a lawsuit in the U.S. District Court for the Southern District of Florida over alleged violations of Federal Securities Laws by IDI Inc in connection with certain allegedly false and misleading statements made between April 30, 2015 and July 21, 2015.

According to the complaint the plaintiff alleges on behalf of purchasers of IDI Inc (NYSEMKT: IDI) common shares between April 30, 2015 and July 21, 2015, that the defendants violated Federal Securities Laws. More specifically, the plaintiff claims that between April 30, 2015 and July 21, 2015 defendants issued allegedly materially false and misleading statements to investors and/or failed to disclose that Chairman Michael Brauser was named as a defendant in multiple civil fraud litigation, that Chairman Michael Brauser was co-owner of a company that filed for bankruptcy and was sued as an adversary in that bankruptcy proceeding, and that IDI’s Transunion lawsuit could render IDI Inc’s stock worthless. When the true details entered the market, the lawsuit claims that investors suffered damages.

IDI Inc (NYSEMKT: IDI) reported that its annual Total Revenue rose from $2.88 per share in 2013 to as high as $3.01 million in 2014 and that its respective Net Loss declined from $3.94 million to $3.53 million. Shares of IDI Inc (NYSEMKT: IDI) grew from $6.21 per share in May 2015 to as high as $12.80 per share on July 16, 2015.

On July 21, 2015, Seeking Alpha published a report on IDI Inc, which asserts among other things that: (i) Chairman Michael Brauser's biography omits bankruptcy, wipeout, and fraud lawsuits; (ii) IDI Inc stock has been temporarily inflated from extensive Yahoo message board stock-pumping scheme; and (iii) IDI Inc’s Transunion lawsuit could mean instant $0 for stock as IDI Inc’s future is apparently based on IP it doesn’t own. On this news, shares of IDI Inc fell sharply during intraday trading on July 21, 2015.

On July 22, 2015, shares of Shares of IDI Inc (NYSEMKT: IDI) declined to as low as $5.17 per share.