Faruqi & Faruqi, LLP’s national practice focuses on complex civil litigation. The firm practices in the areas of Securities, Merger & Transactional, Shareholder Derivative, Antitrust, Consumer Class Action, and Wage & Hour litigation.
Wednesday, May 13, 2015
Faruqi & Faruqi Alert: AudioEye, Inc.
Faruqi & Faruqi, LLP Encourages Investors Who Suffered Losses In Excess Of $100,000 Investing In AudioEye, Inc. To Contact The Firm – AEYE
Faruqi & Faruqi, LLP, a leading national securities law firm, reminds investors in AudioEye, Inc. (“AudioEye” or the “Company”) (Other OTC: AEYE) of the June 15, 2015 deadline to seek the role of lead plaintiff in a federal securities class action lawsuit filed against AudioEye and certain officers of the Company.
A complaint has been filed in the United States District Court for the District of Arizona on behalf of all persons who purchased or otherwise acquired AudioEye securities from May 5, 2014 to April 1, 2015 (the “Class Period”).
The complaint alleges that the Company and its executives violated federal securities laws with respect to its statements concerning its business, operations, and prospects.
Specifically, the action alleges that during the Class Period, AudioEye made false and/or misleading statements and failed to disclose that (i) the Company improperly accounted for all revenue from non-cash exchanges of a license for services with a customer; and (ii) AudioEye failed to employ internal controls over its financial reporting.
On April 1, 2015, the Company disclosed that its previously issued financial results for the first three quarters of 2014 will be restated and the preliminary earnings release for the fourth quarter of 2014 and the full year of 2014 could no longer be relied upon.
Following this news, the price of the Company’s stock declined by $0.10 per share, or over 24%, to close on April 1, 2015 at $0.31 per share.
If you invested in AudioEye securities or options between during the Class Period and would like to discuss your legal rights, you can contact us by calling Richard Gonnello toll free at 877-247-4292 or at 212-983-9330 or by sending an e-mail to firstname.lastname@example.org. Faruqi & Faruqi, LLP also encourages anyone with information regarding the Company’s conduct to contact the firm, including whistleblowers, former employees, shareholders and others.