The Law Offices of Vincent Wong announce that a class action lawsuit has been commenced in the United States District Court for the Eastern District of New York on behalf of investors who purchased Intelligent Systems Corporation (NYSE: INS) securities between January 23, 2019 and May 29, 2019.
According to the Intelligent Systems lawsuit, throughout the Class Period defendants made false and/or misleading statements and/or failed to disclose that: (1) Defendant Petit, the “financial expert” on the Company’s Audit Committee, engaged in accounting fraud as the CEO of MiMedx Group; (2) the Company’s CEO, Defendant Strange, engaged in undisclosed related-party transactions with Defendant Petit and others and had an undisclosed personal relationship with the Company’s auditor; (3) the Company had its employees set up or take control of shell companies in Asia so they could partake in undisclosed related-party transactions for the purpose of either fabricating revenue for the Company and/or siphoning money out of the Company; and (4) as a result, Defendants’ statements about Intelligent Systems’ business, operations, and prospects were materially false and/or misleading and/or lacked a reasonable basis at all relevant times.
If you suffered a loss in Intelligent Systems you have until September 9, 2019 to request that the Court appoint you as lead plaintiff. Your ability to share in any recovery doesn't require that you serve as a lead plaintiff.
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