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Root9b Technologies Inc (OTC: RTNB) Investor Securities Class Action Lawsuit 06/23/2015

  • If you purchased shares of Root9b Technologies Inc (OTC: RTNB), you might have certain options and should contact the Shareholders Foundation, Inc.

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Lawsuit Overview

Case Dismissed
Company
Root9b Technologies Inc
Security
OTC: RTNB

Case Name
Root9b Technologies Shareholders Class Action Lawsuit 06/23/2015
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
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Summary

September 21, 2016 - The court granted defendants' motion to dismiss.
February 18, 2016 - Defendants filed a motion to dismiss.

January 4, 2016 - The lead plaintiff filed an amended complaint on behalf of investors who purchased Root9b Technologies Inc (OTC: RTNB) common shares between October 17, 2014 and June 15, 2015. The lead plaintiff alleges that the defendants violated the Securities Exchange Act of 1934 by issuing false and misleading statements between October 17, 2014 and June 15, 2015.

September 29, 2015 - The case was transferred to the U.S. District Court for the District of Colorado.

August 24, 2015 - Lead plaintiff motions were filed.

June 23, 2015 - An investor in shares of Root9b Technologies Inc (OTC: RTNB) filed a lawsuit in the U.S. District Court for the Central District of California over alleged violations of Federal Securities Laws by Root9b Technologies Inc in connection with certain allegedly false and misleading statements made between December 1, 2014 and June 15, 2015.

According to the complaint the plaintiff alleges on behalf of purchasers of Root9b Technologies Inc (OTC: RTNB) common shares between December 1, 2014 and June 15, 2015, that the defendants violated Federal Securities Laws. More specifically, the plaintiff claims that between December 1, 2014 and June 15, 2015 defendants made allegedly false and/or misleading statements and/or allegedly failed to disclose that Root9b Technologies Inc does not have an advanced cyber security product offering and that a substantial portion of Root9b Technologies Inc’s Cyber Solutions business consists of a one-time low margin hardware installation.

Root9b Technologies Inc reported that its annual Total Revenue declined from $26.40 million in 2013 to $20.18 million in 2014 and that its respective Net Loss increased from $6.13 million to $24.44 million. Shares of Root9b Technologies Inc (OTC: RTNB) grew from $0.53 per share in May 2014 to as high as $2.45 per share in May 2015.

On June 15, 2015, a report was published on Root9b Technologies Inc asserting, among other things, that Root9b Technologies Inc is created by insiders with long history of penny-stock wipeouts and fraud allegations, that Root9b Technologies Inc’s claimed “cyber” business is minuscule and imploding and largely appears to be an old employee training program, which RTNB resells or other irrelevant, overhyped offerings, and that insiders enriched themselves with Root9b Technologies Inc through curious related-party transactions, abusive compensation and unloading their failing investments into the public shell at overvalued prices. Shares of Root9b Technologies Inc (OTC: RTNB) declined on June 15, 2015 to as low as $1.53 per share, respectively to as low as $0.93 per share on June 23, 2015.