NEW YORK--(BUSINESS WIRE)--Bragar Eagel & Squire, P.C. announces that a class action lawsuit has been filed in the United States District Court for the Eastern District of New York on behalf of all investors that purchased Intelligent Systems Corporation (NYSE: INS) securities between January 23, 2019 and May 29, 2019 (the “Class Period”). Investors have until September 9, 2019 to apply to the Court to be appointed as lead plaintiff in the lawsuit.
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The complaint, filed on July 9, 2019, alleges that throughout the class period defendants made false and/or misleading statements and/or failed to disclose that: (1) Defendant Petit, the “financial expert” on Intelligent Systems’ Audit Committee engaged in accounting fraud as the CEO of MiMedx Group, Inc.; (2) Intelligent Systems’ CEO, Defendant Strange, engaged in undisclosed related-party transactions with Defendant Petit and others and had an undisclosed personal relationship with the company’s auditor; (3) Intelligent Systems had its employees set up or take control of shell companies in Asia so they could partake in undisclosed related-party transactions for the purpose of either fabricating revenue for the company and/or siphoning money out of the company; and (4) as a result, defendants’ statements about Intelligent Systems’ business, operations, and prospects were materially false and/or misleading and/or lacked a reasonable basis at all relevant times. When the true details entered the market, the lawsuit claims that investors suffered damages.
If you purchased Intelligent Systems shares during the Class Period, are a long term stockholder, have information, 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 Brandon Walker or Melissa Fortunato by email at firstname.lastname@example.org, or telephone at (212) 355-4648, or by filling out this contact form. There is no cost or obligation to you.
Bragar Eagel & Squire, P.C. is a New York-based law firm concentrating in commercial and securities litigation. For additional information concerning the Intelligent Systems lawsuit, please go to https://bespc.com/INS. For additional information about Bragar Eagel & Squire, P.C. please go to www.bespc.com. Attorney advertising. Prior results do not guarantee similar outcomes.