| Company: | Ionatron, Inc. |
| Ticker Symbol: | NASD: IOTN |
| Class Period: | June 27, 2005 to May 10, 2006 |
| Date Filed: | Jul-25-06 |
| Lead Plaintiff Deadline: | Sept-11-06 |
| Court: | District, AZ |
| Allegations: |
A class action lawsuit was filed in the United States District Court for the District of Arizona on behalf of all securities purchasers of Ionatron, Inc. (Nasdaq: IOTN) ("Ionatron" or the "Company") from June 27, 2005 to May 10, 2006, inclusive (the "Class Period").
The Complaint charges Ionatron and certain of its officers and directors with violations of the Securities Exchange Act of 1934. More specifically, the Complaint alleges that the Company failed to disclose and misrepresented the following material adverse facts which were known to defendants or recklessly disregarded by them: (1) that the Company's JIN counter-IED units were not field-ready; (2) specifically, that the Company's JIN counter-IED units would require a more rugged platform to meet the United States ("U.S.") Government's specifications for being field-ready; (3) that, as a result of the above, the Company would experience delays in developing a field-ready JIN counter-IED unit; and (4) that, as a result of the above, the Company's statements concerning the JIN counter-IED technology were lacking in any reasonable basis when made.
On May 10, 2006, after the market closed, Ionatron announced that the U.S. Government had determined that the Company's JIN counter-IED technology, which the Company previously touted as being field ready, required a more rugged platform. Ionatron reported that it would work with the U.S. Government to "identify more suitable platforms" for the JIN counter-IED units. On this news, shares of Ionatron plummeted more than 39.5 percent over the next four trading days, losing a total of $5.07, to close, on May 16, 2006, at $7.76 per share, on unusually heavy trading volume.
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 Complaint charges Ionatron and certain of its officers and directors with violations of the Securities Exchange Act of 1934. More specifically, the Complaint alleges that the Company failed to disclose and misrepresented the following material adverse facts which were known to defendants or recklessly disregarded by them: (1) that the Company's JIN counter-IED units were not field-ready; (2) specifically, that the Company's JIN counter-IED units would require a more rugged platform to meet the United States ("U.S.") Government's specifications for being field-ready; (3) that, as a result of the above, the Company would experience delays in developing a field-ready JIN counter-IED unit; and (4) that, as a result of the above, the Company's statements concerning the JIN counter-IED technology were lacking in any reasonable basis when made.
On May 10, 2006, after the market closed, Ionatron announced that the U.S. Government had determined that the Company's JIN counter-IED technology, which the Company previously touted as being field ready, required a more rugged platform. Ionatron reported that it would work with the U.S. Government to "identify more suitable platforms" for the JIN counter-IED units. On this news, shares of Ionatron plummeted more than 39.5 percent over the next four trading days, losing a total of $5.07, to close, on May 16, 2006, at $7.76 per share, on unusually heavy trading volume.
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.
