BENSALEM, Pa.--(BUSINESS WIRE)--Law Offices of Howard G. Smith announces that a class action lawsuit has been filed on behalf of investors who purchased IDI, Inc. (“IDI” or the “Company”) (NYSE MKT: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. Investors who suffered losses on their investment in IDI securities are encouraged to contact the Law Offices of Howard G. Smith to discuss their legal rights in this class action.
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 you may move the Court no later than September 21, 2015 to ask the Court to appoint you as lead plaintiff if you meet certain legal requirements. To be a member of the Class you need not take any action at this time; you may retain counsel of your choice or take no action and remain an absent member of the Class. If you wish to learn more about this action, or if you have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Howard G. Smith, Esquire, of Law Offices of Howard G. Smith, 3070 Bristol Pike, Suite 112, Bensalem, Pennsylvania 19020 by telephone at (215) 638-4847, toll-free at (888) 638-4847, or by email to howardsmith@howardsmithlaw.com, or visit our website at http://www.howardsmithlaw.com.
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