| Company: | Atlas Mining Company |
| Ticker Symbol: | OTCBB: ALMI |
| Class Period: | March 31, 2005 to October 9, 2007 |
| Date Filed: | Oct-12-07 |
| Lead Plaintiff Deadline: | Dec-11-07 |
| Court: | District, ID |
| Allegations: |
A class action lawsuit has been filed against Atlas Mining Company ("Atlas" or the "Company") (OTCBB: ALMI) on behalf of investors that purchased Atlas stock during the period from March 31, 2005 through and including October 9, 2007.
The case is pending in the United States District Court for the District of Idaho as case no. 07-428. The complaint charges that Atlas and certain of its officers and directors violated Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 by issuing materially false and misleading financial statements filed with the SEC during the Class Period by overstating the Company's revenue and assets.
On October 9, 2007, the Company announced that it would have to restate its financial statements for each of the reporting periods from 2004 through the current fiscal quarter as a result of improper revenue recognition practices and other violations of generally accepted accounting principles. In addition, Atlas announced it was suspending all activities at its Dragon Mine pending a review. These announcements caused Atlas' stock price to immediately drop by half -- causing investors substantial losses.
If you acquired the securities of the defendants during the Class Period you may, no later than the Lead Plaintiff Deadline shown above, request that the Court appoint you as lead plaintiff through counsel of your choice. You may also choose to remain an absent class member. A lead plaintiff must meet certain requirements.
The case is pending in the United States District Court for the District of Idaho as case no. 07-428. The complaint charges that Atlas and certain of its officers and directors violated Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 by issuing materially false and misleading financial statements filed with the SEC during the Class Period by overstating the Company's revenue and assets.
On October 9, 2007, the Company announced that it would have to restate its financial statements for each of the reporting periods from 2004 through the current fiscal quarter as a result of improper revenue recognition practices and other violations of generally accepted accounting principles. In addition, Atlas announced it was suspending all activities at its Dragon Mine pending a review. These announcements caused Atlas' stock price to immediately drop by half -- causing investors substantial losses.
If you acquired the securities of the defendants during the Class Period you may, no later than the Lead Plaintiff Deadline shown above, request that the Court appoint you as lead plaintiff through counsel of your choice. You may also choose to remain an absent class member. A lead plaintiff must meet certain requirements.
