| Company: | Orange 21, Inc. |
| Ticker Symbol: | NASD: ORNG |
| Class Period: | Initial public offering on December 14, 2004 |
| Date Filed: | Mar-25-05 |
| Lead Plaintiff Deadline: | May-23-05 |
| Court: | Southern District, CA |
| Allegations: |
A lawsuit seeking class action status has been filed in the United States District Court for the Southern District of California on behalf of all persons who purchased the publicly traded securities of Orange 21, Inc. ("Orange 21") pursuant to the Registration Statement and Prospectus (collectively, "Registration Statement") issued in connection with the initial public offering ("IPO") on December 14, 2004 (the "Class Period").
The Complaint alleges that Orange 21 violated federal securities laws by issuing false or misleading public statements in its IPO Registration Statement. Specifically, the Complaint alleges that Orange 21 failed to disclose problems with its European operations and the existence of copyright violations. On February 17, 2005, Orange 21 announced reduced earnings expectations for 2005 due in part to changes in its European infrastructure. On this news, Orange 21's stock price fell from a close of $9.50 per share on February 17, 2005 to close at $6.60 per share on February 18, 2005. Then, on March 7, 2005, Orange 21 disclosed that it had received a cease-and-desist letter from Oakley, Inc. and that Orange 21 would have to make changes based on alleged copyright infringements.
If you acquired the securities of the defendants during the Class Period of the IPO 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 alleges that Orange 21 violated federal securities laws by issuing false or misleading public statements in its IPO Registration Statement. Specifically, the Complaint alleges that Orange 21 failed to disclose problems with its European operations and the existence of copyright violations. On February 17, 2005, Orange 21 announced reduced earnings expectations for 2005 due in part to changes in its European infrastructure. On this news, Orange 21's stock price fell from a close of $9.50 per share on February 17, 2005 to close at $6.60 per share on February 18, 2005. Then, on March 7, 2005, Orange 21 disclosed that it had received a cease-and-desist letter from Oakley, Inc. and that Orange 21 would have to make changes based on alleged copyright infringements.
If you acquired the securities of the defendants during the Class Period of the IPO 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.
If you feel you qualify for damages or remedies that might be awarded in this class action please fill in our form on the right to submit your complaint.
If you are a current or former employee of this company, and have 401(k) shares, please use this form to register your complaint. Thank you.
