A settlement was reached with the defendants in the lawsuit filed on behalf of certain investors of NetSol Technologies Inc (NASDAQ:NTWK) over alleged securities laws violations and a deadline to submit the settlement claim is upcoming on June 13, 2016 and NASDAQ: NTWK investors should contact the Shareholders Foundation.
San Diego, CA -- (SBWIRE) -- 06/03/2016 -- A deadline is coming up on June 13, 2016 in the settlement reached in the securities class action lawsuit filed on behalf of investors who purchased shares of NetSol Technologies Inc (NASDAQ:NTWK) between October 24, 2013 and November 08, 2013.
Investors who purchased a significant amount of shares of NetSol Technologies Inc (NASDAQ:NTWK) between October 24, 2013 and November 08, 2013, have certain options and should contact the Shareholders Foundation by email at firstname.lastname@example.org or call 858-779-1554.
The settlement proof of claim form or detailed settlement notice for the settlement in the NetSol Technologies Inc (NASDAQ:NTWK) Investor Securities Class Action Lawsuit can be downloaded at: http://shareholdersfoundation.com/case/netsol-technologies-inc-nasdaq-ntwk-investor-securities-class-action-lawsuit-07252014
In order to submit a claim an investor has to submit the claim proof to the class action claim administrator in a timely manner. The deadline to submit the proof with the class administrator is June 13, 2016. The class action administrator for this case is Strategic Claims Services.
The lawsuit was originally filed in the U.S. District Court for the Central District of California against NetSol Technologies Inc over alleged violations of Federal Securities Laws in connection with certain allegedly false and misleading statements made between November 12, 2009 and November 8, 2013. According to the complaint the plaintiff charges NetSol Technologies Inc with violations of the Securities Exchange Act of 1934. The complaint alleges that between November 12, 2009 and November 8, 2013 defendants issued materially false and misleading statements regarding NetSol Technologies Inc's business and financial results.
More specifically, the plaintiff claims that on March 10, 2011 defendants issued allegedly materially false and misleading statements because NetSol Technologies Inc's next generation product was not expected to be completed when promised by NetSol Technologies Inc, because serious interest in NetSol Technologies Inc's next generation solution had not been expressed by a few global companies, because NetSol Technologies Inc was not experiencing a growing interest in its next generation NFS product and the product was not ready for testing at customer sites, because NetSol Technologies Inc did not expect future growth through increased revenues from both the current version and the next generation of NFS, because there was no reasonable basis for stating that development of the next generation of NFS would change the landscape for NetSol Technologies Inc and increase both demand and the market, because NetSol Technologies Inc did not have a reasonable basis for stating that its target customers who were still using old systems for maintaining their lease and finance portfolios were planning to replace their legacy systems or that NetSol Technologies Inc was in a good position to tap new business from these companies, and because all internal data pointed to a continued business decline; not "growth and strength across the business" as represented by NetSol Technologies Inc.
Those who purchased shares of NetSol Technologies Inc have certain options and should contact the Shareholders Foundation.
Shareholders Foundation, Inc.
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