This is a securities fraud class action lawsuit against Industrial Enterprises of America, Inc ( IEAM) and certain of its present and former officers, directors, and control persons.
The class action lawsuit alleges that IEAM issued materially false and misleading statements pertaining to IEAM's business prospects and condition, and filing financial statements with the SEC materially false financial statements. On November 7, 2007 IEAM announced that investors could no longer rely on its historical financial statements and that IEAM had not properly followed generally accepted accounting principles, necessitating a revision of reported revenue, among other things. IEAM also announced that it had suspended its CFO pending a review.
As a result of these events, the Complaint asserts that the price of IEAM stock dropped, damaging investors.
Name (Stock Symbol)
Industrial Enterprises of America, Inc. (IEAM)
Industrial Enterprises of America, Inc. manufacturers and sells automobile lubricatiants and additives.
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