PCS Edventures!.com Inc (OTC: PCSV) Investor Securities Class Action Lawsuit 09/17/2010

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Company Name(s): 
PCS Edventures!.com
Case Name: 
PCS Edventures!.com Shareholder Class Action Lawsuit 09/17/2010
Case Status: 
Lawsuit Filed
Case Status: 
Settlement Approved
Affected Securities
OTC: PCSV
Lawsuit Overview
Type of Lawsuit: 
Shareholder Class Action
Date Filed: 
09/17/2010
Class Period Begin: 
03/28/2007
Class Period End: 
08/15/2007
Court of Filing: 
U.S. District Court for the District of Idaho
Deadline To File for Lead: 
11/16/2010
Date Settled: 
02/22/2012
Settlement Amount: 
$665,000
Deadline to Participate in Settlement: 
01/03/2012
Summary: 

February 22, 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.

October 5, 2011 - The court preliminarily approved the settlement.

September 30, 2011 - Parties filed a stipulation of settlement.

June 10, 2011 - The court granted the defendant's voluntary dismissal without prejudice.

June 3, 2011 - A defendant filed a motion for voluntary dismissal without prejudice.

February 24, 2011 - The lead plaintiff and lead counsel were appointed.

November 16, 2010 - Lead plaintiff motions were filed.

September 17, 2010 - An investor in shares of PCS Edventures!.com Inc (OTC: PCSV) filed a lawsuit in the U.S. District Court for the District of Idaho against PCS Edventures!.com Inc over alleged violations of Federal Securities Laws in connection with certain allegedly false and misleading statements made between March 28, 2007 and August 15, 2007.

The complaint alleges that PCS Edventures!.com Inc and certain of its executives violated the Federal Securities Laws by making false and misleading statements and omissions in connection with PCS Edventures!.com Inc’s announcement of a $7.15 million contract with PCS Edventures!.com Inc Middle East and shareholders suffered damages as a result of the decline in the price of PCS Edventures!.com Inc’s (OTC: PCSV) common stock.

PCS Edventures!.com Inc, located in Boise, ID, is engaged in the business of developing and marketing educational learning labs bundled with related technologies and programs. According to the complaint the plaintiff alleges that PCS Edventures!.com Inc and certain of its officers violated Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 by issuing materially false and misleading statements between March 28, 2007 and August 15, 2007. The plaintiff claims that the defendants fabricated the existence of a lucrative contract with a Saudi Arabian partner for the sale of products to the Kingdom of Saudi Arabia, when in fact no such contract or agreement was in place.

Then on August 15, 2007, PCS Edventures!.com Inc issued a press release in which it revealed that there was no such agreement with PCS Edventures!.com Middle East, nor was an agreement likely to exist in the near future. As a result of this announcement, its stock dropped 37.7% to close at $0.56 per share on August 15, 2007. Shares of PCS Edventures!.com Inc (OTC: PCSV) traded recently at $0.45 per share, down from its 52weekHigh of $1.60 per share.