LOS ANGELES–(BUSINESS WIRE)–$INS #INS—The Schall Law Firm, a national shareholder rights litigation firm, announces the filing of a class action lawsuit against Intelligent Systems Corporation (“Intelligent Systems” or “the Company”) (NYSE: INS) for violations of §§10(b) and 20(a) of the Securities Exchange Act of 1934 and Rule 10b-5 promulgated thereunder by the U.S. Securities and Exchange Commission.
Investors who purchased the Company’s securities between January 23, 2019 and May 29, 2019, inclusive (the ”Class Period”), are encouraged to contact the firm before September 9, 2019.
If you are a shareholder who suffered a loss, click here to participate.
We also encourage you to contact Brian Schall of the Schall Law Firm, 1880 Century Park East, Suite 404, Los Angeles, CA 90067, at 424-303-1964, to discuss your rights free of charge. You can also reach us through the firm’s website at www.schallfirm.com, or by email at [email protected].
The class, in this case, has not yet been certified, and until certification occurs, you are not represented by an attorney. If you choose to take no action, you can remain an absent class member.
According to the Complaint, the Company made false and misleading statements to the market. Parker “Pete” Petit, the “financial expert” on Intelligent Systems’ Audit Committee, engaged in accounting fraud while serving as the CEO of MiMedx Group, Inc. Intelligent Systems CEO Leland Strange had undisclosed related-party transactions with Petit as well as an undisclosed personal relationship with the Company’s auditor. The Company directed its employees to take control of shell companies located in Asia to undertake related-party transactions for purposes of falsifying revenue and siphoning money away from the organization. Based on these facts, the Company’s public statements throughout the class period were false and materially misleading throughout the class period. When the market learned the truth about Intelligent Systems, investors suffered damages.
Join the case to recover your losses.
The Schall Law Firm represents investors around the world and specializes in securities class action lawsuits and shareholder rights litigation.
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