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.
Friday, July 24, 2015
Faruqi & Faruqi Alert: IDI, Inc.
Faruqi & Faruqi, LLP Encourages Investors Who Suffered Losses In Excess Of $100,000 Investing In IDI, Inc. To Contact The Firm
Faruqi & Faruqi, LLP, a leading national securities law firm, reminds investors in IDI, Inc. (“IDI” or the “Company”) (NYSE MKT:IDI) of the September 21, 2015 deadline to seek the role of lead plaintiff in a federal securities class action lawsuit filed against the Company and certain officers.
The lawsuit has been filed in the United States District Court for the Southern District of Florida on behalf of a class consisting of all persons or entities who purchased IDI securities between April 30, 2015 and July 21, 2015.
The complaint alleges that, according to a report published by Seeking Alpha on July 21, 2015, IDI failed to disclose that Chairman Michael Brauser was named as a defendant in multiple civil fraud lawsuits as well as in wipeout and bankruptcy proceedings. The complaint also accuses the Company of utilizing a Yahoo message board stock-pumping scheme in order to inflate its share price.
On this news, Company share price fell $5.26 per share, a 46% drop during intraday trading, to close at $6.16 per share on July 21, 2015.
If you invested in IDI stock or options between April 30, 2015 and July 21, 2015 and would like to discuss your legal rights, please fill out the form below. You can also contact us by calling F&F'sRichard Gonnello toll free at 877-247-4292 or at 212-983-9330 or by sending an e-mail to email@example.com. Faruqi & Faruqi, LLP also encourages anyone with information regarding IDI’s conduct to contact the firm, including whistleblowers, former employees, shareholders and others.