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MIND C.T.I. Ltd (NASDAQ: MNDO) Investor Securities Class Action Lawsuit 08/12/2009

  • If you purchased shares of MIND C.T.I. Ltd (NASDAQ: MNDO), you might have certain options and should contact the Shareholders Foundation, Inc.

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Lawsuit Overview

Case Dismissed
Company
MIND C.T.I., Ltd
Security
NASDAQ: MNDO

Case Name
MIND C.T.I. Shareholder Class Action Lawsuit 08/12/2009
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
Deadline To File for Lead
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Summary

July 2, 2010 - The court granted defendants' motion to dismiss and closed the case.
January 29, 2010 - Defendants filed a motion to dismiss.

November 23, 2009 - The lead plaintiff filed an amended complaint.

October 23, 2009 - Lead plaintiff and lead counsel were appointed.

October 13, 2009 - Lead plaintiff motion was filed.

August 12, 2009 - An investor in shares of MIND C.T.I. Ltd (NASDAQ: MNDO) filed a lawsuit in the U.S. District Court for the Southern District of New York over alleged violations of Federal Securities Laws by MIND C.T.I. Ltd in connection with certain allegedly false and misleading statements made between June 8, 2006 through February 27, 2008.

According to the complaint the plaintiff alleges that MIND C.T.I. Ltd violated the federal securities laws, Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 and Rule 10b-5, by issuing material omissions and dissemination of materially false and misleading statements concerning the its financial condition, cash management and internal controls caused the its stock (NASDAQ:MNDO) price to become artificially inflated, inflicting damages on investors. The plaintiff accuses that the defendants misrepresented the MIND C.T.I. Ltd's liquidity and its ability to attract customers, finance current operations, and pursue strategic acquisitions.

MIND C.T.I. Ltd ultimately restated its financial statements for 2006, and disclosed that almost $23 million of the its originally reported $27 million liquid cash position was invested in highly illiquid ARSs. MIND C.T.I. Ltd reported that In connection with restatement, management determined that a material weakness in internal control over financial reporting existed as of December 31, 2006 because at that time we did not have effective controls designed and in place to ensure that our investments were classified in accordance with generally accepted accounting principles.

MIND C.T.I. Ltd, located in Yoqneam, Israel, is engaged in developing, manufacturing and marketing billing and customer care software for communication providers, including wireline and wireless, voice over Internet protocol (VoIP), broadband IP network operators, Worldwide Interoperability for Microwave Access, Inc. (WiMAX) operators, cable operators, third generation (3G) operators and mobile virtual network operators (MVNOs). MIND C.T.I. LTD reported in 2007 Total Revenue of $18.45million and in 2008 Total Revenue of $19.47million. Shares of MIND C.T.I. Ltd. (NASDAQ:MNDO) traded recently at $1.07 per share, down from a 52weekHigh of $1.25 per share and almost $3 per share in 2007.