NEW YORK, March 5, 2010 (GLOBE NEWSWIRE) -- The Brualdi Law Firm, P.C. announces that a lawsuit has been commenced in the United States District Court for the Central District of California on behalf of purchasers of Electronic Game Card, Inc. (OTCBB:EGMI) ("EGMI" or the "Company") stock during the period between April 5, 2007 and February 19, 2010, inclusive (the "Class Period") for violations of the federal securities 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 EGMI common stock during the Class Period, and wish to move the court for appointment of lead plaintiff, you must do so by May 3, 2010. 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 or David Titus 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 charges EGMI and certain of its present and former officers and directors with violations of Sections 10(b) and 20(a) of the Securities Exchange Act of 1934. The complaint asserts that the Company issued materially false and misleading financial statements during the Class Period and misrepresented the Company's true financial condition. The Complaint alleges that on February 19, 2010 the Company filed an 8-K announcing that its auditors had withdrawn their audit opinions for Electronic Game Card, Inc.'s financial statements for the years ended December 31, 2006, 2007, and 2008. The Company's auditors also advised EGMI that it had become aware of irregularities in the audit confirmation of a bank account of one of EGMI's wholly owned subsidiaries.
The Brualdi Law Firm, P.C. is a New York, New York-based law firm that dedicates its practice to vigorous representation of shareholders and investors in litigation nationwide, with a particular emphasis on sophisticated class action litigation in the securities, and antitrust areas as well as corporate derivative suits. More information about the firm is available through its website, www.brualdilawfirm.com, and upon request from the firm.
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