| Company: | Electronic Game Card, Inc. |
| Ticker Symbol: | OTCBB:EGMI |
| Class Period: | Apr-5-07 to Feb-19-10 |
| Date Filed: | Mar-4-10 |
| Lead Plaintiff Deadline: | May-3-10 |
| Court: | Central District of California |
| Allegations: | |
The complaint charges EGMI and certain of its present and former officers and directors with violations of Sections 10(b) and 20(a) of the Securities Exchange Act of 1934. The complaint asserts that the Company issued materially false and misleading financial statements during the Class Period and misrepresented the Company's true financial condition. The Complaint alleges that on February 19, 2010 the Company filed an 8-K announcing that its auditors had withdrawn their audit opinions for Electronic Game Card Inc,'s financial statements for the years ended December 31, 2006, 2007, and 2008. The Company's auditors also advised EGMI that it had become aware of irregularities in the audit confirmation of a bank account of one of EGMI's wholly owned subsidiaries.
That same day, the SEC issued an Order temporarily suspending trading in the Company's stock because "there is a lack of current and accurate information concerning the securities of Electronic Game Card Inc, because of questions regarding the accuracy of assertions by EGMI and by others in financial disclosures to investors concerning, among other things, the Company's assets." As a result of the trading suspension, EGMI's shares are effectively illiquid and shareholders have been damaged.
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.
