Gainey McKenna & Egleston Announces a Class Action Lawsuit Has Been Filed Against VASCO Data Security International, Inc.


NEW YORK, July 31, 2015 (GLOBE NEWSWIRE) -- Gainey McKenna & Egleston announces that a class action lawsuit has been filed in the United States District Court for the Northern District of Illinois on behalf of all persons or entities who purchased VASCO Data Security International, Inc. (“VASCO” or the “Company”) (Nasdaq:VDSI) securities between February 18, 2014 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 made materially false and misleading statements, and omitted materially adverse facts, about the Company’s business, operations and prospects.  The Complaint alleges that as a result of Defendants’ alleged false and misleading statements, the Company’s stock traded at artificially inflated prices during the Class Period.  According to the Complaint, on July 21, 2015, the Company filed a FORM 8-K with the SEC announcing “that certain of its products which were sold by a VASCO European subsidiary to a third-party distributor may have been resold by the distributor to parties in Iran, potentially including parties” subject to U.S. economic sanctions.  

On this news, shares in VASCO dropped over 3%, closing at $25.83 per share on July 22, 2015, on heavy trading volume.        

If you wish to serve as lead plaintiff, you must move the Court no later than September 28, 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 tjmckenna@gme-law.com or gegleston@gme-law.com.

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