Bronstein, Gewirtz & Grossman, LLC Reminds Force Protection, Inc. Shareholders of Lead Plaintiff Deadline -- FRPT
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NEW YORK, NY, Apr 10 (MARKET WIRE) --
Bronstein, Gewirtz & Grossman, LLC reminds shareholders of Force Protection,
Inc. ("Force Protection" or the "Company") (NASDAQ: FRPT) that they have
until May 9, 2008 to ask the Court to appoint them as Lead Plaintiff for the
class. Lead plaintiffs must meet certain legal requirements. The class action
was filed on behalf of purchasers of the securities of the Company during
the period from August 14, 2006 - February 29, 2008, inclusive (the "Class
Period"). The complaint alleges violations of Section 10(b) and Section 20(a) of
the Securities Exchange Act, and Rule 10b-5 promulgated there under.
The complaint further alleges the following facts, which were known by the
defendants but concealed from the investing public during the class
period:(1) as a result of the Company's ongoing problems in meeting contractual
delivery
deadlines, the Company would have trouble competing in the MRAP market; (2) in
audit reports, the Defense Contract Audit Agency had been critical of the
Company's finances and financial accounting system, which threatened the
Company's eligibility to compete for government contracts; (3) the Company's
accounting department suffered from material weaknesses and deficiencies and
lacked
the necessary staff and resources to perform its required functions; (4)
contrary
to the representations contained in the Company's SEC filings, the Company's
internal controls were inadequate and easily manipulated, and, as a result,
multiple
areas of the Company's internal controls suffered serious deficiencies,
including:
(i) the financial closing process; (ii) accounting for inventory and the
associatedaccounts payable expenses; (iii) stock-based compensation; and (iv)
deferred
tax balances; (5) the Company lacked effective internal controls in its
financial
reporting process, required to enable it to properly analyze and/or estimate
Force
Protection's future financial and operational performance; (6) defendants had
caused
the Company to falsely report at least its third quarter 2007 financial
results.
As a result of the defendants' false statements, Force Protection's stock
price
traded at inflated levels during the Class Period and defendants were able to
sell $87.4 million in Force Protection Stock. However, when the truth about
the Company's operations and financial statements were revealed, the Company's
shares were hammered by massive sales, sending them down 88% from their Class
Period high.
If you wish to review a copy of the Complaint, to discuss this action, or
have any questions, please contact either Peretz Bronstein or Eitan Kimelman
of Bronstein, Gewirtz & Grossman, LLC at 212-697-6484 or via email
eitan@bgandg.com. Those who inquire by e-mail are encouraged to include
their mailing address and telephone number.
Bronstein Gewirtz & Grossman, LLC is a corporate litigation boutique. Our
primary expertise is the aggressive pursuit of litigation claims on behalf of
our clients. In addition to representing institutions and other investor
plaintiffs in class action security litigation, the firm's expertise includes
general corporate work, private securities offerings, and securities
arbitration.
Contact:
Peretz Bronstein
Eitan Kimelman
Email Contact
Bronstein, Gewirtz & Grossman, LLC
212-697-6484
Copyright 2008, Market Wire, All rights reserved.
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