Coughlin Stoia Geller Rudman & Robbins LLP Files Class Action Suit against Inyx Inc.
August 19 2008 - 2:20PM
Business Wire
Coughlin Stoia Geller Rudman & Robbins LLP (�Coughlin Stoia�)
(http://www.csgrr.com/cases/inyx/) today announced that a class
action has been commenced in the United States District Court for
the Southern District of New York by an institutional investor on
behalf of purchasers of Inyx Inc. (�Inyx� or the �Company�) (OTC:
IYXI.PK) common stock during the period between March 31, 2005 and
July 2, 2007 (the �Class Period�). If you wish to serve as lead
plaintiff, you must move the Court no later than 60 days from
today. If you wish to discuss this action or have any questions
concerning this notice or your rights or interests, please contact
plaintiff�s counsel, Samuel H. Rudman or David A. Rosenfeld of
Coughlin Stoia at 800/449-4900 or 619/231-1058, or via e-mail at
djr@csgrr.com. If you are a member of this class, you can view a
copy of the complaint as filed or join this class action online at
http://www.csgrr.com/cases/inyx/. Any member of the putative class
may move the Court to serve as lead plaintiff through counsel of
their choice, or may choose to do nothing and remain an absent
class member. The complaint charges Inyx and certain of its
officers and directors, among others, with violations of the
Securities Exchange Act of 1934. Inyx is a pharmaceutical company
that develops and manufactures prescription and over-the-counter
pharmaceutical products. The Company has operating subsidiaries in
the United States and the United Kingdom. The complaint alleges
that, during the Class Period, defendants made numerous statements
about the Company�s financial performance in both its public
statements and in the filings that it made with the Securities and
Exchange Commission. As alleged in the complaint, these statements
were materially false and misleading because they failed to
disclose: (i) that the Company was materially overstating its
assets and revenues by creating false sales invoices, as these
invoices were created before the items were billable and had not
actually been issued to customers; (ii) that the Company was not
following its publicly stated accounting policies; and (iii) as a
result of the foregoing, the Company�s financial statements were
not prepared in accordance with Generally Accepted Accounting
Principles and were therefore materially false and misleading. On
July 2, 2007, after the market opened for trading, news services
carried a report that Inyx had filed for Chapter 11 protection in
the U.S. Bankruptcy Court in Delaware. In response to this
announcement, the price of Inyx common stock plummeted, falling
from $2.44 per share on June 29, 2007 to a low as $0.30 per share
in intra-day trading on July 2, 2007, on extremely heavy trading
volume of more than 7.7 million shares. Plaintiff seeks to recover
damages on behalf of all purchasers of Inyx common stock during the
Class Period (the �Class�). The plaintiff is represented by
Coughlin Stoia, which has expertise in prosecuting investor class
actions and extensive experience in actions involving financial
fraud. Coughlin Stoia, a 190-lawyer firm with offices in San Diego,
San Francisco, Los Angeles, New York, Boca Raton, Washington, D.C.,
Philadelphia and Atlanta, is active in major litigations pending in
federal and state courts throughout the United States and has taken
a leading role in many important actions on behalf of defrauded
investors, consumers, and companies, as well as victims of human
rights violations. The Coughlin Stoia Web site
(http://www.csgrr.com) has more information about the firm.
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