Smart Online Inc (OTC: SOLN) Investor Securities Class Action Lawsuit 10/18/2007

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Company Name(s): 
Smart Online
Case Name: 
Smart Online Shareholder Class Action Lawsuit 10/18/2007
Case Status: 
Lawsuit Filed
Case Status: 
Settlement Approved
Affected Securities
OTC: SOLN
Lawsuit Overview
Type of Lawsuit: 
Shareholder Class Action
Date Filed: 
10/18/2007
Class Period Begin: 
05/02/2005
Class Period End: 
09/28/2007
Court of Filing: 
U.S. District Court for the Middle District of North Carolina
Date Settled: 
03/19/2013
Settlement Amount: 
$1,098,500
Deadline to Participate in Settlement: 
02/25/2013
Settlement Proof: 
Summary: 

March 19, 2013 - The court approved the settlement.

December 3, 2012 -The court preliminarily approved the additional settlement.

November 26, 2012 - Parties filed a stipulation and agreement of second partial settlement.

July 1, 2011 - 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.

May 10, 2011 - Parties filed an amendment to the stipulation of settlement.

January 13, 2011 - The court preliminarily approved the settlement.

June 21, 2010 - Parties filed a stipulation of settlement.

September 18, 2008 - The lead plaintiff filed a corrected amended complaint.

September 8, 2008 - The lead plaintiff filed an amended complaint.

June 24, 2008 - The lead plaintiff and lead counsel were appointed.

December 18, 2007 - Lead plaintiff motions were filed.

October 18, 2007 - An investor in shares of Smart Online Inc (OTC: SOLN now trading on the OTC sheets as MOST) filed a lawsuit in the U.S. District Court for the Middle District of North Carolina against Smart Online Inc over alleged violations of Federal Securities Laws in connection with certain allegedly false and misleading statements made between May 2, 2005 and September 28, 2007.

The complaint alleges that this case concerns material and misleading statements made with the intent to mislead the investing public and conspiracy on the part of Smart Online Inc to artificially inflate the market price of securities of Smart Online Inc between May 2, 2005 and September 28, 2007. The complaint further claims that Smart Online Inc and its former President and Chief Executive Officer issued numerous materially false and misleading statements regarding the Smart Online Inc's financial performance and prospects to the investing public. These statements were made with the knowledge and encouragement of Smart Online Inc all of whom were officers and/or directors of Smart Online Inc. Smart Online Inc and certain individual defendants bribed stock brokers employed by Smart Online Inc, Maxim Group, LLC and Jesup & Lamont Securities Corporation to solicit customers to purchase Smart Online Inc securities. These bribes were made with the intent to artificially increase the price of Smart Online Inc securities and to artificially support trading volumes of Smart Online Inc securities. Further, Smart Online Inc and its former CEO entered into numerous consulting agreements to conceal payment of bribes from the investing public.

Effective July 1, 2013, Smart Online Inc changed its name to MobileSmith Inc The trading symbol on the OTCBB was changed to MOST effective May 28, 2013.