NEW YORK, April 9, 2010 (GLOBE NEWSWIRE) -- The Rosen Law Firm, P.A. reminds investors of the May 3, 2010 lead plaintiff deadline in the class action lawsuit brought on behalf of all purchasers of Electronic Game Card, Inc. (OTCBB:EGMI) and (Pink Sheets:EGMI) ("EGMI" or the "Company") stock between April 5, 2007 and February 19, 2010 (the "Class Period"). The Rosen Law Firm initiated the first securities class action lawsuit on behalf of this class of EGMI shareholders.
To join the EGMI class action, go to the website at http://www.rosenlegal.com or call Laurence Rosen, Esq. or Phillip Kim, Esq. toll-free at 866-767-3653 or email lrosen@rosenlegal.com or pkim@rosenlegal.com for information on the class action.
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. YOU MAY ALSO REMAIN AN ABSENT CLASS MEMBER AND DO NOTHING AT THIS POINT. YOU MAY ALSO RETAIN COUNSEL OF YOUR CHOICE.
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 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 The Complaint alleges that on February 19, 2010 the Company filed an 8-K announcing that its auditors had withdrawn their audit opinions for Electronic Game Card, Inc.'s financial statements for the years ended December 31, 2006, 2007, and 2008.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.
That same day, the SEC issued an Order temporary suspending trading in the Company's stock because "there is a lack of current and accurate information concerning the securities of Electronic Game Card, Inc. because of questions regarding the accuracy of assertions by EGMI, and by others, in financial disclosures to investors concerning, among other things, the Company's assets." As a result of the trading suspension, EGMI's shares are effectively illiquid and shareholders have been damaged.
A class action lawsuit has already been filed on behalf of EGMI shareholders. If you wish to serve as lead plaintiff, you must move the Court no later than May 3, 2010. If you wish to join the litigation or to discuss your rights or interests regarding this class action, please contact plaintiff's counsel, Laurence Rosen, Esq. or Phillip Kim, Esq. of The Rosen Law Firm toll free at 866-767-3653 or via e-mail at lrosen@rosenlegal.com or pkim@rosenlegal.com.
The Rosen Law Firm represents investors throughout the globe, concentrating its practice in securities class actions and shareholder derivative litigation.
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