LOS ANGELES--(BUSINESS WIRE)--Glancy Prongay & Murray LLP (“GPM”) announces the filing of a class action lawsuit on behalf of investors of IDI, Inc. (“IDI” or the “Company”) (NYSE MKT:IDI) who purchased IDI shares between April 30, 2015 and July 21, 2015 inclusive (the “Class Period”). IDI investors have until September 21, 2015 to file a lead plaintiff motion.
The complaint alleges that the Company misled investors regarding its internal controls, operations and accounting practices. According to a report published by seekingalpha on July 21, 2015, IDI failed to disclose that Chairman Michael Brauser has a “long track record of fraud lawsuits, bankruptcy and shareholder wipeouts,” including suits by Equifax accusing him of “fictitious receivables” and by Softbank accusing him of “various frauds.” The seekingalpha report further alleges that the Company is engaged in a potentially crippling civil action with Transunion that could render IDI stock worthless. On this news, shares of IDI fell by over 45% thereby damaging investors.
If you purchased shares of IDI during the Class Period, have information or would like to learn more about these claims, or have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Casey Sadler, of GPM, 1925 Century Park East, Suite 2100, Los Angeles, California 90067 at 310-201-9150, Toll-Free at 888-773-9224, by email to shareholders@glancylaw.com, or visit our website at http://www.glancylaw.com. If you inquire by email please include your mailing address, telephone number and number of shares purchased.
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