INYX Inc (OTC: IYXI) Investor Securities Class Action Lawsuit 07/31/2008

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Company Name(s): 
Case Name: 
INYX Inc Shareholder Class Action Lawsuit 07/31/2008
Case Status: 
Lawsuit Filed
Case Status: 
Settlement Approved
Affected Securities
Lawsuit Overview
Type of Lawsuit: 
Shareholder Class Action
Date Filed: 
Class Period Begin: 
Class Period End: 
Court of Filing: 
U.S. District Court for the Southern District of New York
Deadline To File for Lead: 
Date Settled: 
Settlement Amount: 
Deadline to Participate in Settlement: 
Settlement Notice: 
Settlement Proof: 

May 4, 2012 - 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.

February 9, 2012 - Parties filed stipulation of settlement and the court preliminarily approved the settlement.

July 5, 2011 - The court granted the lead plaintiff's motion to certify classification and appointed class counsel and class representative.

May 5, 2011 - The court denied without prejudice the plaintiff's motion for partial summary judgment.

April 25, 2011 - Lead plaintiff filed a motion to certify classification.

February 22, 2011 - Lead plaintiff filed motion for partial summary judgment.

March 1, 2010 - The court granted in part and denied in part motions to dismiss.

June 19, 2009 - Defendants filed motions to dismiss.

March 10, 2009 - The lead plaintiff filed an amended consolidated complaint on behalf of investors who purchased IYXI common shares between April 1, 2005 and July 2, 2007. The lead plaintiff alleges that the defendants violated the Securities Exchange Act of 1934 by issuing false and misleading statements between April 1, 2005 and July 2, 2007.

November 10, 2008 - The lead plaintiff and lead counsel were appointed and all cases were consolidated.

October 20, 2008 - Lead plaintiff motions were filed.

July 31, 2008 - An investor in shares of Inyx Inc (OTC: IYXI) filed a lawsuit in the U.S. District Court for the Southern District of New York against Inyx Inc over alleged violations of Federal Securities Laws.

According to the complaint the plaintiff charges Inyx Inc and certain of its officers and directors with violations of the Securities Exchange Act of 1934. The complaint alleges that between March 31, 2005 and July 2, 2007 defendant issued materially false and misleading statements regarding Inyx Inc's business and financial results.

The complaint alleges that defendants issued a false financial statement in order to artificially inflate the value of Inyx Inc stock (OTC: IYXI). Inyx Inc issued financial statements in violation of U.S. Generally Accepted Accounting Principles (GAAP) and were materially false and misleading due to improper revenue recognition. The plaintiff alleges that the defendant knew or recklessly ignored that it falsely represented that Inyx Inc’s annual financial statements for at least the years ended 2004 and 2005 were presented in conformity with GAAP. In addition defendant Berkovits allegedly knew or recklessly ignored that it falsely represented that its audits of such financial statements had been performed in accordance with Generally Accepted Auditing Standards and the standards of the Public Company Accounting Oversight Board.

The complaint also alleges that during the class period, defendants disseminated or approved the materially false and misleading statements specified above, which they knew or deliberately disregarded were misleading in that they contained misrepresentations and failed to disclose material facts necessary in order to make the statements made, in light of the circumstances under which they were made, not misleading.

Defendants acted with scienter in that defendants knew that the public documents and statements issued or disseminated in the name of Inyx Inc were materially false and misleading; knew that such statements or documents would be issued or disseminated to the investing public; and knowingly and substantially participated or acquiesced in the issuance or dissemination of such statements or documents as primary violations of the Federal Securities Laws.