According to the lawsuit, defendants made false and/or misleading statements, as well as failed to disclose material adverse facts about the Company’s business, operations, and prospects. Specifically, defendants failed to disclose to investors:
- that the sale of Open Edge equipment should be accounted as financing leases;
- that there were material weaknesses in the Company’s internal controls over financial reporting related to Open Edge transactions;
- that, as a result of the foregoing, the Company’s revenue had been overstated in certain periods; and
- that, as a result of the foregoing, defendants’ positive statements about the Company’s business, operations, and prospects were materially misleading and/or lacked a reasonable basis.
No Class Has Been Certified. Until a class is certified, you are not represented by counsel unless you retain one. You may select counsel of your choice. You may also remain an absent class member and do nothing at this point. An investor’s ability to share in any potential future recovery is not dependent upon serving as lead plaintiff.
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