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National Lampoon Inc (OTC: NLMP) Investor Securities Class Action Lawsuit 12/03/2010

  • If you purchased shares of National Lampoon Inc (OTC: NLMP), 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
National Lampoon, Inc.
Security
OTC: NLMP

Case Name
National Lampoon Shareholder Class Action Lawsuit 12/03/2010
Type of Lawsuit
Shareholder Class Action
Court of Filing
U.S. District Court for the Central District of California

Class Period Begin
Class Period End
Deadline To File for Lead
Settlement Notice
national_lampoon_inc_settlement_notice_3_2012.pdf
Settlement Proof
national_lampoon_inc_settlement_proof_3_2012.pdf
Filed Complaint
national_lampoon_inc_original_filing_edited_12_2010.pdf
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Settlement Overview

Date Settled
Date Settled
Settlement Amount
$1,000,000.00
Deadline to Participate in Settlement

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Summary

May 16, 2013 - The court ordered the authorization of the distribution of the net settlement fund.
July 11, 2012 - 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.

June 18, 2012 - The court held a final settlement hearing.

March 12, 2012 - The court preliminarily approved the settlement.

January 17, 2012 - Parties filed a stipulation of settlement.

August 1, 2011 - The defendant's motion to dismiss was denied.

June 23, 2011 - A defendant filed a motion to dismiss.

May 12, 2011 - The lead plaintiff and lead counsel were appointed.

February 7, 2011 - A lead plaintiff motion.

December 3, 2010 - An investor in shares of National Lampoon Inc (OTC: NLMP) filed a lawsuit in the U.S. District Court for the Central District of California against National Lampoon Inc over alleged violations of Federal Securities Laws in connection with certain allegedly false and misleading statements made between March 1, 2008 and December 15, 2008.

The complaint alleges that National Lampoon Inc and its former CEO Daniel Laikin engaged in an unlawful scheme to inflate the price of National Lampoon Inc stock (OTC: NLMP) by paying consultants to purchase the stock. According to the complaint, National Lampoon Inc and its officers perpetrated the scheme in order to create the illusion of an active and liquid market in National Lampoon Inc 's shares, which would drive up the price, make the stock appear attractive and National Lampoon Inc successful, and thereby induce the purchase of National Lampoon Inc stock by the unsuspecting investors at an unknowingly inflated price. On December 15, 2008, former CEO Daniel Laikin and others were charged with conspiracy and securities fraud by federal prosecutors, in connection with the market manipulation scheme.

When the scheme was uncovered, the share price dropped, National Lampoon Inc (OTC: NLMP) stock was eventually delisted, and investors suffered huge losses. Recently, Laikin has pled guilty to securities fraud for his role in the scheme.

national_lampoon_inc_original_filing_edited_12_2010.pdf
Date Settled