PHILADELPHIA, April 7, 2008 (PRIME NEWSWIRE) -- A class action lawsuit was filed in the United States District Court, District of South Carolina, 08cv975, on behalf of common stock purchasers of Force Protection, Inc. ("FRPT" or the "Company") (Nasdaq:FRPT) between August 14, 2006 and February 29, 2008, inclusive (the "Class Period"), seeking to pursue remedies under the Securities Exchange Act of 1934.
If you wish to serve as lead plaintiff, you must move the Court no later than May 9, 2008. Please contact plaintiff's counsel, Deborah R. Gross or Susan R. Gross at 866-561-3600 or 215-561-3600 or via email at debbie@bernardmgross.com or susang@bernardmgross.com. Any member of the purported class may move the Court to serve as lead plaintiff through counsel of their choice, or may choose to do nothing and remain an absent class member.
The complaint charges Force Protection, Inc. and certain of its officers and directors with violations of the Federal Securities Laws, specifically alleging that, throughout the Class period, defendants failed to disclose the following: (1) FRPT was having persistent problems meeting delivery deadlines, which was impacting the Company's ability to compete in the U.S. military's Mine Resistant Ambush Protect ("MRAP") market; (2) FRPT's ability to compete for government contracts was impaired, due to the Company's inadequate financial system of accounting, as evidenced by a critical report from the Defense contract Audit Agency ("DCAA"); (3) FRPT's financial statements were not prepared in accordance with generally accepted accounting principles ("GAAP"); (4) FRPT lacked adequate internal and financial controls; and (5) FRPT's financial statements were materially false and misleading at all relevant times.
On February 29, 2008 and March 3, 2008, the company shocked investors when it announced that it would delay filing of its 2007 Annual Report and that it would restate its financial statements for the three and nine month periods ended September 30, 2007. Upon release of this news, the Company's shares declined $0.53 per share, or 12.9 percent, to close on March 3, 2008 at $3.58 per share, on unusually heavy trading volume.
Plaintiff seeks to recover damages on behalf of all those who purchased the common stock of Force Protection, Inc. (Nasdaq:FRPT] between August 14, 2006 and February 29, 2008. The plaintiff is represented by Law Offices Bernard M. Gross P.C. The firm has expertise in prosecuting investor class actions and extensive experience in actions involving financial fraud.
If you wish to discuss this action or have any questions concerning this Notice or rights or interests with respect to these matters,
PLEASE Contact: Law Offices Bernard M. Gross, P.C.
Susan R. Gross, Esq.
Deborah R. Gross, Esq.
Telephone: 866-561-3600 (toll free) or 215-561-3600
E-mail: susang@bernardmgross.com or
debbie@bernardmgross.com
Website: http://www.bernardmgross.com
Other shareholder lawsuits recently filed by the firm:
-- Wellpoint (NYSE-WLP) 01/23/08 - 03/10/08
-- Humana (NYSE-HUM) 02/04/08 - 03/11/08
-- Bear Stearns (NYSE-BSC) 12/14/06 - 03/14/08
-- Merck (NYSE-MRK) 10/22/07 - 03/28/08