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VASCO Data Security International, Inc. (NASDAQ:VDSI) Investor Securities Class Action Lawsuit 07/28/2015

  • If you purchased shares of VASCO Data Security International, Inc. (NASDAQ:VDSI), you have certain options and you 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
VASCO Data Security International, Inc.
Security
NASDAQ: VDSI

Case Name
VASCO Data Security International Shareholder Class Action Lawsuit 07/28/2015
Type of Lawsuit
Shareholder Class Action
Court of Filing
U.S. District Court for the Northern District of Illinois

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

November 2, 2018 - the Court entered final judgment in favor of the Defendants.
September 30, 2018 - The Court issued an Order granting Defendants' Motion to Dismiss. Plaintiff was given leave to amend the Complaint. Plaintiff did not amend the Complaint.

March 31, 2017 - The Defendants filed a Motion to Dismiss the amended Complaint.

January 30, 2017 - An amended Complaint was filed.

July 27, 2015 - An investor in shares of VASCO Data Security International, Inc. (NASDAQ:VDSI) filed a lawsuit in the U.S. District Court for the Northern District of Illinois over alleged violations of Federal Securities Laws by VASCO Data Security International, Inc. in connection with certain allegedly false and misleading statements made between February 18, 2014 and July 21, 2015.

According to the complaint the plaintiff alleges on behalf of purchasers of VASCO Data Security International, Inc. (NASDAQ:VDSI) common shares between February 18, 2014 and July 21, 2015, that the defendants violated Federal Securities Laws. More specifically, the plaintiff claims that between February 18, 2014 and July 21, 2015, defendants made allegedly false and/or misleading statements and/or allegedly failed to disclose that VASCO Data Security International’s products were illegally sold to parties in Iran in violation of federal laws prohibiting such sales, that VASCO Data Security International, Inc. lacked adequate internal controls, and that as a result of the foregoing, VASCO Data Security International’ public statements were materially false and misleading at all relevant times.

VASCO Data Security International, Inc. reported that its annual Total Revenue rose from $155.03 million in 2013 to $201.54 million in 2014 and that its respective Net Income increased from $11.15 million to $33.48 million. Shares of VASCO Data Security International, Inc. (NASDAQ:VDSI) grew from $6.76 per share in February 2014 to as high as $33.91 per share on June 19, 2015.

On July 21, VASCO Data Security International, Inc disclosed that certain of its products which were sold by a VASCO European subsidiary to a third-party distributor may have been resold by the distributor to parties in Iran, potentially including parties whose property and interests in property may be blocked pursuant to Executive Order 13224, Executive Order 13382 or that may be identified under Section 560.304 of 31 C.F.R. Part 560 as the 'Government of Iran. VASCO Data Security International, Inc said that the Audit Committee of the Company's board of directors has initiated an internal investigation and the company has stopped all shipments to the distributor at issue pending resolution of the investigation.