Redline Communications Group Inc. (Canada)
Class Period: Dec 6, 2006 to Mar 15, 2010
Summary of Case:
A securities class action has been filed against Redline Communications Group Inc. (Canada) (RDL) ("RDL" or the "Company") on behalf of all securities purchasers from December 6, 2006 through March 15, 2010, inclusive ("Class Period"), in the Ontario Superior Court of Justice.
The claims arise from RDL's restatement of its financial statements for the years ended December 31, 2006, 2007 and 2008, and for the three-month periods ended March 31, June 30, and September 30, 2009. Plaintiffs allege, among other things, that RDL misrepresented that its financial statements had been compiled in accordance with Canadian generally accepted accounting principles ("GAAP") (the "Representation").
The plaintiffs further allege that throughout the Class Period, Redline Communications, Inc. and RDL issued various continuous disclosure documents, including Annual Information Forms, Management's Discussion & Analysis, and annual and interim financial statements, which contained the Representation, but which failed to comply with GAAP, and which materially overstated their GAAP revenues and materially understated their GAAP net loss.
If you purchased this company's shares during the Class Period and suffered a loss or for further information about the case, please review the links below.