The Klein Law Firm announces that a class action complaint has been filed on behalf of shareholders of Intelligent Systems Corporation (NYSE: INS) who purchased shares between January 23, 2019 and May 29, 2019. The action, which was filed in the United States District Court for the Eastern District of New York, alleges that the Company violated federal securities laws.
In particular, the Intelligent Systems lawsuit alleges that (1) Defendant Petit, the “financial expert” on the Company’s Audit Committee, engaged in accounting fraud as the CEO of MiMedx Group; (2) the Company’s CEO, Defendant Strange, engaged in undisclosed related-party transactions with Defendant Petit and others and had an undisclosed personal relationship with the Company’s auditor; (3) the Company had its employees set up or take control of shell companies in Asia so they could partake in undisclosed related-party transactions for the purpose of either fabricating revenue for the Company and/or siphoning money out of the Company; and (4) as a result, Defendants’ statements about Intelligent Systems’ business, operations, and prospects were materially false and/or misleading and/or lacked a reasonable basis at all relevant times.
Shareholders have until September 9, 2019 to petition the court for lead plaintiff status. Your ability to share in any recovery does not require that you serve as lead plaintiff. You may choose to be an absent class member.
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