Uni-Pixel Inc (NASDAQ: UNXL) Investor Securities Class Action Lawsuit 06/05/2013

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Company Name(s): 
UniPixel
Case Name: 
UniPixel Shareholder Class Action Lawsuit 06/05/2013
Case Status: 
Lawsuit Filed
Case Status: 
Settlement Approved
Affected Securities
NASDAQ: UNXL
Lawsuit Overview
Type of Lawsuit: 
Shareholder Class Action
Date Filed: 
06/05/2013
Class Period Begin: 
12/07/2012
Class Period End: 
05/31/2013
Court of Filing: 
U.S. District Court for the Southern District of Texas
Deadline To File for Lead: 
08/05/2013
Date Settled: 
01/07/2015
Settlement Amount: 
$2,350,000
Deadline to Participate in Settlement: 
04/22/2015
Settlement Notice: 
Settlement Proof: 
Summary: 

April 13, 2016 - The court ordered the authorization of the distribution of the net settlement fund.

April 30, 2015 - The court approved the settlement.

January 7, 2015 - The court preliminarily approved the settlement.

January 6, 2015 - Parties filed stipulation of settlement.

July 25, 2014 - The court granted in part and denied in part the defendants' motion to dismiss and dismissed an individual defendant with prejudice.

December 23, 2013 - The defendants filed a motion to dismiss.

November 8, 2013 - The lead plaintiff filed an amended consolidated complaint.

August 5, 2013 - Lead plaintiff motions were filed.

July 2, 2013 - The originally filing plaintiff filed a notice of voluntary dismissal without prejudice as to all defendants.

June 6, 2013 - Another investor filed a complaint in the U.S. District Court for the Southern District of Texas on behalf of investors who purchased Uni-Pixel Inc (NASDAQ: UNXL) common shares between December 7, 2012 and May 31, 2013.

June 5, 2013 - An investor in shares of Uni-Pixel Inc (NASDAQ: UNXL) filed a lawsuit in the U.S. District Court for the Southern District of New York against Uni-Pixel Inc over alleged violations of Federal Securities Laws in connection certain allegedly false and misleading statements that were made between December 7, 2012 and May 31, 2013.

According to the complaint the plaintiff alleges on behalf of purchasers of Uni-Pixel Inc (NASDAQ: UNXL) common stock during the period between December 7, 2012 and May 31, 2013, that Uni-Pixel Inc and certain of its officers violated the Securities Exchange Act of 1934.

More specifically, the plaintiff alleges that the defendants allegedly made false and/or misleading statements and/or failed to disclose material adverse facts concerning the nature and commercial potential of the agreements recently entered into by Uni-Pixel Inc with other companies to develop, manufacture and distribute UniBoss and Uni-Pixel Inc’s ability to successfully produce UniBoss in commercially meaningful volumes without serious mechanical failures, and at the price points and margins, projected by management.

On December 7, 2012, Uni-Pixel Inc announced that Uni-Pixel Inc and a major PC maker entered into a Multi-Million Dollar preferred price and capacity license agreement to introduce products with UniBoss-based touch screens.

On April 16, 2013, Uni-Pixel Inc announced that it entered into a manufacturing and supply agreement with Eastman Kodak Company to produce next-generation touch sensors based on our UniBoss™ multi-touch sensor film. Shares of Uni-Pixel Inc (NASDAQ: UNXL) grew from $8.26 per share on December 6, 2012 to as high as $38.70 per share on April 26, 2013.

On May 20, 2013, Uni-Pixel Inc said that its PC partner recently reported delays with associated operating system software. Uni-Pixel Inc said that given its understanding of the PC maker's updated timeline, its expectations for products utilizing UniBoss touch sensors to be on the shelves has been shifted from the third quarter into the fourth quarter of this year.

Shares of Uni-Pixel Inc (NASDAQ: UNXL) declined from $36.88 per share on May 16, 2013 to as low as $14.95 per share on June 3, 2013.