NEW YORK, July 13, 2006 (PRIMEZONE) -- The law firm of Kirby McInerney & Squire, LLP announces that a class action lawsuit has been commenced in the United States District Court for the Southern District of California on behalf of all purchasers of Infosonics Corporation ("Infosonics" or the "Company") (AMEX:IFO) common stock during the period from May 8, 2006 and June 9, 2006 (the "Class Period").
Please visit our website, which offers summary and detailed information concerning the suit at http://www.kmslaw.com or contact us by phone at (888) 529-4787 or by email at info.newcases@kmslaw.com for more information.
If you purchased Infosonics stock during the Class Period, and wish to serve as lead plaintiff, you must move the Court no later than August 14, 2006. Any member of the purported class may move the Court to serve as lead plaintiffs through counsel of their choice, or may choose to do nothing and remain an absent class member. If you wish to discuss this action or have any questions concerning this notice or your rights or interests, please contact plaintiffs' counsel, Ira M. Press, Esq. of Kirby McInerney & Squire, LLP at 888-529-4787, or via email at ipress@kmslaw.com.
The complaint charges Infosonics and certain of its officers and directors with violations of the Securities Exchange Act of 1934.
The action charges that during the Class Period, defendants issued materially false and misleading statements regarding the Company's business and financial results. As a result of defendants' false statements, Infosonics' stock traded at artificially inflated prices during the Class Period.
On June 12, 2006, before the market opened, the Company announced that it had restated certain portions of the financial statements for the quarter ended March 31, 2006. By restating, the Company admitted that the previously-issued financial results were materially inaccurate. On this news, Infosonics' stock fell from $24.22 to $17.05, a drop of $7.17 or nearly 30%.
Kirby McInerney & Squire, LLP has specialized in complex litigation, including securities class actions, for several decades. The firm has repeatedly demonstrated its expertise in this field, and has been recognized by various courts which have appointed the firm to major positions in consolidated and multi-district litigation. The firm's efforts on behalf of shareholders in securities litigation have resulted in recoveries totaling hundreds of millions of dollars, and the firm's achievements and quality of service have been chronicled in numerous published decisions. More information about the firm, class actions in general, or about the role of the lead plaintiffs in a securities class action can be obtained through Kirby McInerney & Squire, LLP's website at http://www.kmslaw.com.
More information on this and other class actions can be found on the Class Action Newsline at www.primezone.com/ca