BOCA RATON, Fla.--(BUSINESS WIRE)--IDI, Inc. (NYSE MKT: IDI), an information solutions provider, today announced that on September 10, 2015 the United States District Court for the Southern District of Florida dismissed the securities class action lawsuit [Heim v. IDI, Inc., et al., Case No. 9:15-cv-81019] filed against the Company and certain of its officers. This action was voluntarily dismissed by the plaintiff with no payment made to plaintiff or plaintiff’s attorneys.
Mr. Derek Dubner, Co-CEO of IDI, Inc. stated, “We have maintained that this action was frivolous and that we would defend it, and any like it, vigorously. This lawsuit was premised upon an Internet article, written by an anonymous and admitted short seller of IDI’s stock, which contained certain misrepresentations and factual inaccuracies about the Company and certain members of management. Despite the numerous press releases issued by various law firms, we are pleased to have secured the dismissal of the sole lawsuit upon which they rely.”
About IDI, Inc.
IDI, Inc. is an information solutions provider focused on the multi-billion dollar data fusion market. IDI delivers otherwise unattainable insight into the ever-expanding universe of consumer- and business-centric data. Through proprietary linking technology, advanced systems architecture, and a massive data repository, IDI will address the rapidly growing need for actionable intelligence to support the entirety of the risk management industry, for purposes including due diligence, risk assessment, fraud detection and prevention, authentication and verification, and more. Additionally, IDI’s cross-functional core systems and processes are designed to deliver products and solutions to the marketing industry and to enable the public and private sectors to layer our solutions over their unique data sets, providing otherwise unattainable insight.
Forward-Looking Statements Disclaimer
This press release contains “forward-looking statements,” as that term is defined under the Private Securities Litigation Reform Act of 1995 (PSLRA), which statements may be identified by words such as “expects,” “plans,” “projects,” “will,” “may,” “anticipate,” “believes,” “should,” “intends,” “estimates,” and other words of similar meaning. There are a number of important factors that could cause actual results or events to differ materially from those indicated by such forward-looking statements, including the risks set forth in IDI’s Annual Report on 10-K, filed with the SEC on April 15, 2015, IDI’s Quarterly Report on Form 10-Q filed with the SEC on August 14, 2015, as well as the other factors described in the filings that IDI makes with the SEC from time to time. You are cautioned not to place undue reliance on these forward looking statements, which are based on our expectations as of the date of this press release and speak only as of the date of this press release. We undertake no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future events or otherwise.