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NEW YORK, July 23, 2015 (GLOBE NEWSWIRE) -- Gainey McKenna & Egleston announces that a class action lawsuit has been filed in the United States District Court for the Southern District of Florida on behalf of all persons or entities who purchased IDI, Inc. (“IDI” or the “Company”) (NYSE:IDI) securities between April 30, 2015 and July 21, 2015, inclusive (“Class Period”), alleging violations of Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 against the Company and certain of its officers (the “Complaint”).
The Complaint alleges that, throughout the Class Period, Defendants issued materially false and misleading statements to investors and/or failed to disclose that: (a) Chairman Michael Brauser was named as a defendant in multiple civil fraud litigations; (b) Chairman Michael Brauser was co-owner of a company that filed for bankruptcy and was sued as an adversary in that bankruptcy proceeding; and (c) the lawsuit filed by Transunion against the Company over intellectual property rights could render IDI’s stock worthless. When the true details entered the market, the Complaint alleges that the stock dropped 46% and caused damage to investors.
If you wish to serve as lead plaintiff, you must move the Court no later than September 21, 2015. 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 email@example.com or firstname.lastname@example.org.
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