Gainey McKenna & Egleston Filed the First and Only Securities Class Action Lawsuit Against NetSol Technologies, Inc. and Issu...
29 July 2014 - 11:00AM
Gainey McKenna & Egleston has filed the first and only class
action lawsuit and issues a corrected notice to clarify the class
period. The class action is on behalf of all persons who purchased
or otherwise acquired the securities of NetSol Technologies, Inc.
("NetSol" or the "Company") (Nasdaq:NTWK) during the period between
November 12, 2009 and November 8, 2013, inclusive (the "Class
Period"). This class action seeks to recover damages against
Defendants for alleged violations of the federal securities laws
under the Securities Exchange Act of 1934 (the "Exchange Act").
The Complaint alleges that throughout the Class Period,
Defendants issued materially false and/or misleading statements
because: (a) NetSol's next generation product was not expected to
be completed when promised by the Company; (b) serious interest in
NetSol's next generation solution had not been expressed by a few
global companies; (c) NetSol was not experiencing a growing
interest in its next generation NFS product, and the product was
not ready for testing at customer sites; (d) NetSol did not expect
future growth through increased revenues from both the current
version and the next generation of NFS; (e) there was no reasonable
basis for stating that development of the next generation of NFS
would change the landscape for NetSol and increase both demand and
the market; (f) NetSol did not have a reasonable basis for stating
that its target customers who were still using old systems for
maintaining their lease and finance portfolios were planning to
replace their legacy systems or that NetSol was in a good position
to tap new business from these companies; and (g) all internal data
pointed to a continued business decline; not "growth and strength
across the business" as represented by the Company.
Upon dissemination of the Company's November 8, 2013
disclosures, its stock dropped 30% from a closing price of $7.48 on
February 7, 2013 to a closing price $5.23 on February 8, 2013 in an
inordinate volume of trading.
If you wish to serve as lead plaintiff, you must move the Court
no later than September 23, 2014. A lead plaintiff is a
representative party acting on behalf of other class members in
directing the litigation. If you wish to join the litigation, or to
discuss your rights or interests regarding this class action,
please contact Thomas J. McKenna, Esq. or Gregory M. Egleston, Esq.
of Gainey McKenna & Egleston at (212) 983-1300, or via e-mail
at tjmckenna@gme-law.com or gegleston@gme-law.com.
Attorney Advertising -- Prior results do not guarantee a similar
outcome with respect to any future matter. Please visit our website
at http://www.gme-law.com for more information about the firm.
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