Shareholders Foundation, Inc.

Lawsuit for Investors Against Digital Solutions Inc (OTCMKTS:GDSI) Alleges False and Misleading Statements

A lawsuit was filed on behalf of investors in Global Digital Solutions Inc (OTCMKTS:GDSI) shares over alleged securities laws violations and OTCMKTS:GDSI investors should contact the Shareholders Foundation.

 

San Diego, CA -- (SBWIRE) -- 08/31/2016 -- An investor, who purchased shares of Global Digital Solutions Inc (OTCMKTS:GDSI), filed a lawsuit in New Jersey over alleged violations of Federal Securities Laws by Global Digital Solutions Inc in connection with certain allegedly false and misleading statements.

Investors who purchased shares of Global Digital Solutions Inc (OTCMKTS:GDSI) have certain options and for certain investors are short and strict deadlines running. Deadline: October 24, 2016. OTCMKTS:GDSI investors should contact the Shareholders Foundation at mail@shareholdersfoundation.com or call 858-779-1554.

The plaintiff claims that between October 8, 2013 through August 12, 2016 the defendants made false and/or misleading statements and/or failed to disclose thatAirtronic USA, Inc.'s original equipment manufacturer supplier agreement that Global Digital disclosed in its press releases in October, 2013 did not exist, that Global Digital failed to remove these misleading statements from its website despite repeated requests to do so from the CEO of Airtronic, that Global Digital lacked a reasonable basis for its revenue projection for 2014, that Global Digital had no credible financing in place to acquire any company, that Global Digital received various communications indicating Remington Outdoor Company, Inc. had no interest in Global Digital's unsolicited acquisition offer, that Remington had already rejected Global Digital's offer on several occasions, and that as a result, defendants' statements about Global Digital's business, operations and prospects were materially false and misleading and/or lacked a reasonable basis at all relevant times.

On August 12, 2016, the Securities and Exchange Commission ("SEC") charged Global Digital Solutions Inc's former chairman and CEO Richard J. Sullivan, and former CFO David A. Loppert with defrauding investors by issuing false and misleading press releases purporting that Global Digital Solutions Inc was a budding leader in cyber arms manufacturing and security technology solutions. According to the SEC's complaint, Sullivan and Loppert were behind the press releases and corporate filings that falsified Global Digital Solutions Inc's operations and revenue projections when in reality it had no customers, never manufactured any cyber arms, and never provided any security technology services or solutions.

On August 30, 2016, Global Digital Solutions Inc (OTCMKTS:GDSI) shares closed at $0.0013 per share.

Those who purchased shares of Global Digital Solutions Inc have certain options and should contact the Shareholders Foundation.

Contact:
Shareholders Foundation, Inc.
Michael Daniels
3111 Camino Del Rio North - Suite 423
92108 San Diego
Phone: +1-(858)-779-1554
Fax: +1-(858)-605-5739
mail@shareholdersfoundation.com