| Company: | Shuffle Master Inc. |
| Ticker Symbol: | NASD: SHFL |
| Class Period:: | December 22, 2006 to March 12, 2007 |
| Date Filed: | Jun-04-07 |
| Lead Plaintiff Deadline: | Aug-04-07 |
| Court: | District, NV |
| Allegations: |
A class action lawsuit has been filed in the United States District Court, District of Nevada, against Shuffle Master Inc. ("Shuffle Master" or the "Company") (Nasdaq:SHFL) and certain officers, on behalf of purchasers of the common stock of the Company during the period from December 22, 2006 through March 12, 2007, inclusive (the "Class Period"). The complaint alleges violations of Section 10(b) and Section 20(a) of the Securities Exchange Act, and Rule 10b-5 promulgated there under.
Shuffle Master is a Minnesota corporation headquartered in Nevada. The Company, through its subsidiaries, engages in the development, manufacture, sale and marketing of technology and entertainment-based products for the gaming industry. The Complaint alleges that during the class period, Defendants inflated reported profits, by among other things, booking an inter-company transfer of inventory that took place on the last day of the fiscal year ended October 31, 2006, as if it were a sale to a third party.
In particular, defendants: (1) through the October 31, 2006 transaction, along with several other transactions for which the company improperly accounted, inflated Shuffle Master's quarterly earnings per share by 50% and year-end earnings per share by 35%; and (2) the fraudulent booking of inter-company transactions arose out of Shuffle Master's tax avoidance scheme, whereby the Company transferred profits that were otherwise taxable in the U.S., to foreign countries where profits would be taxed at a much lower rate, if at all. On March 12, 2007, Shuffle Master admitted that it had improperly booked the October 31, 2006 transaction, and that it would have to restate reported results for the fourth quarter and fiscal year end 2006. The company further admitted that its internal controls were defective. In response, Shuffle Master's stock fell 8%.
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.
Shuffle Master is a Minnesota corporation headquartered in Nevada. The Company, through its subsidiaries, engages in the development, manufacture, sale and marketing of technology and entertainment-based products for the gaming industry. The Complaint alleges that during the class period, Defendants inflated reported profits, by among other things, booking an inter-company transfer of inventory that took place on the last day of the fiscal year ended October 31, 2006, as if it were a sale to a third party.
In particular, defendants: (1) through the October 31, 2006 transaction, along with several other transactions for which the company improperly accounted, inflated Shuffle Master's quarterly earnings per share by 50% and year-end earnings per share by 35%; and (2) the fraudulent booking of inter-company transactions arose out of Shuffle Master's tax avoidance scheme, whereby the Company transferred profits that were otherwise taxable in the U.S., to foreign countries where profits would be taxed at a much lower rate, if at all. On March 12, 2007, Shuffle Master admitted that it had improperly booked the October 31, 2006 transaction, and that it would have to restate reported results for the fourth quarter and fiscal year end 2006. The company further admitted that its internal controls were defective. In response, Shuffle Master's stock fell 8%.
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.
