The Rosen Law Firm was sole Lead Counsel in this consolidated class action in the U.S. District Court for the District of Arizona. This action alleged violations of §§ 10b and 20(a) of the Securities Exchange Act of 1934 and the Arizona securities laws in connection with the Company’s issuance of materially false and misleading statements of earnings and revenues. During the pendency of the Company’s bankruptcy, Plaintiffs settled this action for $1.5 million in cash and a remainder interest of 50% of the issuer’s directors’ and officers’ liability insurance policy.
