Tube Media Corporation Case 9/19/2007

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Company Name(s): 
Tube Media Corporation
Case Name: 
Tube Media Corporation Case 9/19/2007
Case Status: 
Lawsuit Filed
Case Status: 
Judgment Issued
Case Status: 
Settlement Proposed
Case Status: 
Settlement Approved
Affected Securities
OTC: TUBM
Lawsuit Overview
Type of Lawsuit: 
Shareholder Class Action
Date Filed: 
09/19/2007
Class Period Begin: 
08/19/2005
Class Period End: 
05/10/2007
Court of Filing: 
United States District Court for the Southern District of Florida
Date Settled: 
10/03/2008
Settlement Amount: 
$600,000
Deadline to Participate in Settlement: 
11/17/2008
Summary: 

According to a press release dated September 19, 2007, the complaint alleges that Tube Media, and certain of its officers and directors, violated the Securities Exchange Act of 1934. During the class period, defendants made false public statements and omitted material information about Tube Media’s failure to pay employee payroll taxes to the government. The Company also failed to account properly on its financial statements for compensation expense. Tube Media currently trades at $0.015.