Viseon Inc. Case 04/12/2007

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Company Name(s): 
Viseon
Case Name: 
Viseon Inc. Case 04/12/2007
Case Status: 
Lawsuit Filed
Case Status: 
Judgment Issued
Case Status: 
Settlement Proposed
Case Status: 
Settlement Approved
Affected Securities
OTC: VSNI
Lawsuit Overview
Type of Lawsuit: 
Shareholder Class Action
Date Filed: 
04/12/2007
Class Period Begin: 
11/03/2004
Class Period End: 
05/15/2006
Court of Filing: 
United States District Court for the Northern District of Texas
Date Settled: 
10/14/2008
Settlement Amount: 
$550,000
Deadline to Participate in Settlement: 
11/19/2008
Summary: 

On October 14, 2008, the Settlement Hearing was held before U.S. District Court Judge Reed C. O'Connor. At the hearing, the Court approved the settlement, awarded attorney’s fees in the amount of 30% of the settlement and awarded $48,674.17 in reimbursement of expenses. The plaintiff has been ordered to submit a final judgment consistent with findings in the provisional order on or before December 16, 2008.

According to a press release dated April 20, 2007, the complaint alleges violations of the Securities Exchange Act of 1934. During the class period, Viseon issued a series of statements relating to Viseon’s next generation VisiFone broadband video phone. Viseon claimed to have developed the VisiFone II, the next generation of consumer telephony. Viseon failed to disclose to the public that the development of the VisiFone II was only partially completed, and that it was not ready for production. The complaint alleges that Viseon and its officers were well aware of production problems in connection with the VisiFone II. On May 15, 2006, Viseon announced in a public filing that minimal revenue was recorded on the deployment of units of next generation VisiFones to carriers since the deployments continued to be for trial-purposes only. Viseon’s stock price fell as a result of this announcement. The stock is currently trading at $0.01.