Audioeye Inc (OTC: AEYE) Investor Securities Class Action Lawsuit 04/14/2015

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Company Name(s): 
Audioeye
Case Name: 
Audioeye Shareholder Class Action Lawsuit 04/14/2015
Case Status: 
Lawsuit Filed
Case Status: 
Settlement Proposed
Affected Securities
OTC: AEYE
Lawsuit Overview
Type of Lawsuit: 
Shareholder Class Action
Date Filed: 
04/14/2015
Class Period Begin: 
05/14/2014
Class Period End: 
04/01/2015
Court of Filing: 
U.S. District Court for the District of Arizona
Deadline To File for Lead: 
06/15/2015
Date Settled: 
01/23/2017
Settlement Amount: 
$1,525,000
Deadline to Participate in Settlement: 
04/24/2017
Settlement Notice: 
Settlement Proof: 
Summary: 

January 23, 2017 - The court preliminarily approved the settlement.

December 16, 2016 - Parties filed a stipulation of settlement.

February 5, 2016 - Defendants filed a motion to dismiss.

November 30, 2015 - The lead plaintiffs filed an amended consolidated complaint.

August 3, 2015 - Lead plaintiffs and lead counsel were appointed.

July 1, 2015 - Cases were consolidated.

April 20, 2015 - Another investor filed an additional complaint.

April 17, 2015 - An investor in shares of Audioeye Inc (OTC: AEYE) filed a lawsuit in the U.S. District Court for the District of Arizona over alleged violations of Federal Securities Laws in connection with certain allegedly false and misleading statements made between May 14, 2014 and April 1, 2015.

According to the complaint the plaintiff alleges on behalf of purchasers of Audioeye Inc (OTC: AEYE) common shares between May 14, 2014 and April 1, 2015, that the defendants violated Federal Securities Laws. More specifically, the plaintiff claims that Defendants made between May 14, 2014 and April 1, 2015 allegedly false and/or misleading statements and/or allegedly failed to disclose that AudioEye Inc’s financial statements contained errors concerning the classification of revenues and expenses, that Audioeye Inc lacked adequate internal controls over its financial reporting, and that as a result of the foregoing, Audioeye Inc’s financial statements were materially false and misleading at all relevant times. When the true details entered the market, the suit claims that investors suffered damages.

On April 1, 2015, Audioeye Inc (OTC: AEYE) announced that on March 26, 2015, the Audit Committee of the Company's Board of Directors, based in part on the recommendation of the Company's management and in consultation with the Company's auditors and advisors, concluded that because of errors identified in the Company's previously issued financial statements, the Company will restate its previously issued financial statements for the quarters ended March 31, June 30 and September 30, 2014. Audioeye Inc said that the Audit Committee also authorized an internal review of controls and policies and that investors should no longer rely upon the Company's previously released financial statements or other financial data for these periods, including any interim period financial statements, and any earnings releases relating to these periods. Shares of Audioeye Inc (OTC: AEYE) declined to as low as $0.264 per share on April 7, 2015.