NEW YORK, May 15, 2009 (GLOBE NEWSWIRE) -- The Brualdi Law Firm, P.C. announces that a lawsuit has been commenced in the United States District Court for the Southern District of Texas on behalf of purchasers of Idearc, Inc. ("Idearc" or the "Company") (Pink Sheets:IDARQ) publicly traded securities during the period between August 10, 2007 and March 31, 2007 (the "Class Period") for violations of the federal security laws.
No class has yet been certified in the above action. Until a class is certified, you are not represented by counsel unless you retain one. If you purchased Idearc, Inc. securities during the Class Period, and wish to move the court for appointment of lead plaintiff, you must do so by July 7, 2009. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation. The lead plaintiff will be selected from among applicants claiming the largest loss from investment in the Company during the Class Period. You do not need to seek appointment as a lead plaintiff in order to share in any recovery.
To be a member of the class you need not take any action at this time, and you may retain counsel of your choice. If you wish to discuss this action or have any questions concerning this Notice or your rights or interests with respect to these matters, please contact Sue Lee at The Brualdi Law Firm, P.C. 29 Broadway, Suite 2400, New York, New York 10006, by telephone toll free at (877) 495-1187 or (212) 952-0602, by email to slee@brualdilawfirm.com or visit our website at http://www.brualdilawfirm.com.
The Complaint alleges that the defendants violated federal securities laws by issuing material misrepresentations to the market concerning Idearc's operations, prospects and financial performance, thereby artificially inflating the price of Idearc securities.