Federman & Sherwood Announces the Filing of a Securities Class Action Lawsuit against Global Digital Solutions, Inc.
Oklahoma City, OK (August 25, 2016) – On August 24, 2016, a securities class action lawsuit was filed in the United States District Court for the District of New Jersey against Global Digital Solutions, Inc. (OTC PINK: GDSI). The complaint alleges violations of federal securities laws, Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 and Rule 10b-5, including allegations of issuing a series of material or false misrepresentations to the market which had the effect of artificially inflating the market price during the Class Period, which is October 8, 2013 through August 12, 2016. More specifically, this litigation was filed because the Company made false and/or misleading statements and/or failed to disclose material information, including that: (1) Airtronic USA, Inc.’s original equipment manufacturer supplier agreement that GDSI disclosed in its press releases in October 2013 did not exist; (2) GDSI failed to remove these misleading statements from its website despite repeated requests from the CEO of Airtronic; (3) GDSI had no credible financing in place to acquire a company; (4) GDSI received communications indicating Remington Outdoor Company, Inc. had no interest in GDSI’s unsolicited acquisition offer; and (5) Remington had already rejected GDSI’s offer on several occasions.
On August 11, 2016, the Security and Exchange Commission charged GDSI’S former chairman and CEO Richard J. Sullivan and former CFO David A. Loppert with defrauding investors by issuing false and misleading press releases.
Plaintiff seeks to recover damages on behalf of all Global Digital Solutions, Inc. shareholders who purchased common stock during the Class Period and are therefore a member of the Class as described above. You may move the Court no later than Monday, October 24, 2016 to serve as a lead plaintiff for the entire Class. However, in order to do so, you must meet certain legal requirements pursuant to the Private Securities Litigation Reform Act of 1995.
To join this class action, click here to obtain an investor certification. Once complete, please email this form to email@example.com, fax to us at (405) 239-2112 or send by regular mail to Federman & Sherwood, 10205 North Pennsylvania Avenue, Oklahoma City, OK 73120, ATTN: Robin.
Posted on Thu, August 25, 2016
by Robin Hester filed under