| Company: | PCS Edventures!.com, Inc. |
| Ticker Symbol: | PCS |
| Class Period: | Mar-28-07 to Aug-15-07 |
| Date Filed: | Sep-21-10 |
| Lead Plaintiff Deadline: | Nov-20-10 |
| Court: | District of Idaho |
| Allegations: | |
PCS provides web-based and site-licensable educational products worldwide. It is involved in the design, development, and marketing of educational learning labs bundled with related technologies and programs. The Company's products include, among others, the Academy of Engineering, Academy of Electronics, Digital Media Labs, and Academy of Robotics. The Company was formerly know as PCS Education Systems, Inc. and changed its name to PCS Edventures!.com in March 2000. PCS was incorporated in 1994 and is headquartered in Boise, Idaho.
The complaint alleges that PCS and certain of its officers issued materially false and misleading statements during the Class Period by fabricating the existence of a lucrative contract with a Saudi Arabian partner for the sale of products to the Kingdom of Saudi Arabia, when in fact no such contract or agreement was in place.
On March 28, 2007, PCS issued a press release in which it announced a purported sale to its Middle East distributor, Global Techniques, also known as PCS Middle East. The press release stated that PCS had entered into an agreement with PCS Middle East for a fixed license fee of $7.15 million. During March through August 2007, PCS issued press releases and filed Form 8-Ks and a Form 10-KSB with the U.S. Securities and Exchange Commission ("SEC"), all which contained statements related to the $7.15 million license agreement with PCS Middle East. These statements caused the price and trading volume of PCS's stock to trade at artificially inflated prices.
On August 15, 2007, the Company issued a press release in which it revealed that there was no such agreement with PCS Middle East, nor was an agreement likely to exist in the near future. As a result of this announcement, the Company's stock dropped 37.7% to close at $0.56 per share on August 15, 2007. On August 26, 2010, the SEC instituted a civil action against PCS and others for fabricating the existence, terms, and nature of the purported agreement. According to the amended complaint filed by the SEC on September 8, 2010, defendants were fully aware that there was no contract with Saudi Arabia and that there was no valid contract with PCS Middle East at all times during the class period.
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.
