CINCINNATI, Aug. 31, 2011 (GLOBE NEWSWIRE) -- Attorney Advertising -- The law firm of Statman Harris & Eyrich, LLC, which has extensive experience in class action litigation, announced today that it is investigating certain officers and the Board of Directors of Zoo Entertainment, Inc. (the "Company") for potential violations of state and federal securities laws, on behalf of investors who purchased shares in the Company during the period May 17, 2010 through April 15, 2011.
In a complaint recently filed in the Southern District of Ohio, Zoo Entertainment and certain of its officers and directors are alleged to have made materially false and misleading statements or failed to disclose material information related to the Company's business and operations in violation of the Securities Exchange Act of 1934. These actions allegedly caused Zoo Entertainment to report financial results that overstated shareholder equity by over $250,000 and inflated both net income and diluted net income per common share by 660% and 900% respectively. On April 15, 2011, the Company disclosed in its 8-K filing that it had erred "in recording certain transactions in the company's previously filed unaudited consolidated financial statements" for quarters ended March 31, 2010, June 30, 2010, and September 30, 2010, and that investors should not rely on those financial statements. As a result of this news, shares of common stock in the Company fell 34.3% from $4.40 per share on April 15, 2011 to close at $2.89 on April 18, 2011.
Shareholders who purchased Zoo Entertainment, Inc. stock between May 17, 2010 and April 15, 2011 may have a claim and are encouraged to contact Jeffrey P. Harris, Esq. at 513-345-8181 or email classaction@statmanharris.com for more information without any cost or obligation to you.
Statman, Harris & Eyrich, LLC has offices in Chicago, Illinois; Cincinnati, Ohio; and Dayton, Ohio.