NEW YORK, Aug. 9, 2010 (GLOBE NEWSWIRE) -- Sarraf Gentile LLP announces that it is investigating NIC Inc. (Nasdaq:EGOV) regarding the facts that led to the inquiry into NIC by the Securities and Exchange Commission.
On August 5, 2010, the Company issued a statement that the staff of the Division of Enforcement of the SEC is "considering recommending that the SEC authorize a civil injunctive action against the Company and its Officers alleging violations of various provisions of the federal securities laws." The SEC's investigation, according to the Company, involves "potential misconduct by Mr. Fraser involving claiming personal expenses as reimbursable business expenses" and that the company "did not adequately disclose the results of the internal investigation by the Audit Committee for the period from 2004 through June 2007." The Company also stated that it "expects to continue to incur significant legal fees and other expenses and could incur penalties in connection with the ongoing SEC investigation and Audit Committee review."
If you are a NIC shareholder and want to discuss your legal rights, at no cost and without obligation, please contact Joseph Gentile at Sarraf Gentile LLP (telephone: 212-868-3610; e-mail: joseph@sarrafgentile.com).
Sarraf Gentile LLP has extensive experience litigating shareholder actions across the United States and has recovered millions of dollars on behalf of injured shareholders.
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