| Company: | ORBCOMM, Inc. |
| Ticker Symbol: | NASD: ORBC |
| Class Period: | November 3, 2006 to August 14, 2007 |
| Date Filed: | Sep-21-07 |
| Lead Plaintiff Deadline: | Nov-19-07 |
| Court: | District, NJ |
| Allegations: |
A securities class action lawsuit has been filed in the United States District Court for the District of New Jersey on behalf of all persons who purchased the common stock of ORBCOMM, Inc. ("ORBCOMM") (Nasdaq:ORBC) pursuant and/or traceable to the Company's initial public offering (the "IPO" or the "Offering") on or about November 3, 2006 through August 14, 2007.
The Complaint charges that ORBCOMM and certain of its officers and directors violated federal securities laws. Specifically, on or about October 30, 2006, ORBCOMM filed with the Securities and Exchange Commission a Form S-1/A Registration Statement (the "Registration Statement"), for the IPO. On or about November 3, 2006, the Prospectus with respect to the IPO, which forms part of the Registration Statement, became effective and, including the exercise of the over-allotment, more than 9.2 million shares of ORBCOMM's common stock were sold to the public, thereby raising more than $101 million. The complaint alleges that the Prospectus contained inaccurate statements of material fact because it failed to disclose that demand for the Company's products was weakening as certain end-users were delaying purchases and international sales were being negatively impacted by delays in modifying regional applications.
On August 14, 2007, ORBCOMM issued a press release announcing its financial results for the second quarter of 2007, the period ending June 30, 2007. In the press release and thereafter, the Company revealed that it was experiencing weakening demand for its products and services and was not adding subscribers at the rates it had anticipated. In response to this announcement, the price of ORBCOMM common stock declined from $11.18 per share to $7.86 per share.
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 that ORBCOMM and certain of its officers and directors violated federal securities laws. Specifically, on or about October 30, 2006, ORBCOMM filed with the Securities and Exchange Commission a Form S-1/A Registration Statement (the "Registration Statement"), for the IPO. On or about November 3, 2006, the Prospectus with respect to the IPO, which forms part of the Registration Statement, became effective and, including the exercise of the over-allotment, more than 9.2 million shares of ORBCOMM's common stock were sold to the public, thereby raising more than $101 million. The complaint alleges that the Prospectus contained inaccurate statements of material fact because it failed to disclose that demand for the Company's products was weakening as certain end-users were delaying purchases and international sales were being negatively impacted by delays in modifying regional applications.
On August 14, 2007, ORBCOMM issued a press release announcing its financial results for the second quarter of 2007, the period ending June 30, 2007. In the press release and thereafter, the Company revealed that it was experiencing weakening demand for its products and services and was not adding subscribers at the rates it had anticipated. In response to this announcement, the price of ORBCOMM common stock declined from $11.18 per share to $7.86 per share.
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.
