Atlas Mining Company (OTC: ALMI) Investor Securities Class Action Lawsuit 10/11/2007

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Company Name(s): 
Atlas Mining
Case Name: 
Atlas Mining Shareholder Class Action Lawsuit 10/11/2007
Case Status: 
Lawsuit Filed
Case Status: 
Settlement Approved
Affected Securities
OTC: ALMI
Lawsuit Overview
Type of Lawsuit: 
Shareholder Class Action
Date Filed: 
10/11/2007
Class Period Begin: 
01/19/2005
Class Period End: 
10/08/2007
Court of Filing: 
U.S. District Court for the District of Idaho
Date Settled: 
09/30/2009
Settlement Amount: 
$1,250,000
Deadline to Participate in Settlement: 
05/06/2010
Summary: 

August 25, 2010 - The court ordered the authorization of the distribution of the net settlement fund.

January 31, 2010 - 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.

January 15, 2010 - The defendants filed motions to dismiss.

November 9, 2009 - The lead plaintiff filed a second amended complaint on behalf of investors who purchased Atlas Mining Company (OTC: ALMI) common shares between January 19, 2005 and October 8, 2007. The lead plaintiff alleges that the defendants violated the Securities Exchange Act of 1934 by issuing false and misleading statements between January 19, 2005 and October 8, 2007.

September 30, 2009 - The court preliminarily approved the settlement.

September 25, 2009 - The court granted the defendants' motion to dismiss without prejudice.

September 3, 2009 - Parties filed a stipulation of settlement.

October 8, 2008 - The defendants filed a motion to dismiss.

July 28, 2008 - The lead plaintiff filed an amended consolidated complaint.

March 25, 2008 - The lead plaintiff and lead counsel were appointed.

January 22, 2008 - All cases were consolidated.

December 11, 2007 - Lead plaintiff motions were filed.

October 11, 2007 - An investor in shares of Atlas Mining Company (OTC: ALMI) filed a lawsuit in the U.S. District Court for the District of Idaho against Atlas Mining Company over alleged violations of Federal Securities Laws in connection with allegedly false and misleading statements made between March 31, 2005 and October 9, 2007.

The complaint alleges that the company misled investors with financial statements for the fiscal years ending on the last day of 2004, 2005 and 2006.

On October 9, 2007, Atlas Mining Company announced that it would have to restate its financial statements for each of the reporting periods from 2004 through the current fiscal quarter as a result of improper revenue recognition practices and other violations of generally accepted accounting principles. In addition, Atlas Mining Company announced it was suspending all activities at its Dragon Mine pending a review. After these announcements were made, Atlas Mining Company (OTC: ALMI) stock price dropped by half.