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Industrial Enterprises of America Inc. Case 11/16/2007

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Lawsuit Overview

Company
Industrial Enterprises of America Inc.
Security
OTC: IEAM

Case Name
Industrial Enterprises of America Inc. Case 11/16/2007
Type of Lawsuit
Shareholder Class Action
Court of Filing
U.S. District Court for the Southern District of New York

Class Period Begin
Class Period End
Settlement Proof
IEAM_Settlement_.05_10_2012.pdf
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Settlement Overview

Date Settled
Date Settled
Settlement Amount
$3,800,000.00

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Summary

May 10, 2012 - The court approved the settlement.

February 3, 2011 - A preliminary approval of the settlement was granted by the court.

November 24, 2009 - A second amended complaint was filed.

November 23, 2009 - A stipulation was granted for the plaintiff's to amend the complaint.

April 14, 2009 - A preliminary approval of the settlement was granted by the court.

July 2, 2008 - An amended complaint was filed.

The complaint charges that IEAM and certain of its present and former officers, directors, and control persons violated Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 by issuing materially false and misleading statements pertaining to IEAM’s business prospects and condition, and filing financial statements with the SEC materially false financial statements.

On November 7, 2007 the Company announced that investors could no longer rely on its historical financial statements and that the Company had not properly followed generally accepted accounting principles, necessitating a revision of reported revenue, among other things. The Company also announced that it had suspended its CFO pending a review. As a result of these events, the Complaint asserts that the price of IEAM stock dropped, damaging investors.

Date Settled