Asure Software Files Federal Lawsuit Against the Pinnacle Fund, Red Oak Partners, David Sandberg and Affiliates Alleging Violati
July 01 2009 - 3:50PM
Marketwired
Asure Software (NASDAQ: ASUR), a leading provider of workforce
management software, announced today that it has filed a lawsuit in
the United States District Court for the Western District of Texas,
Austin Division, against David Sandberg; Red Oak Partners, LLC;
Pinnacle Partners, LLP; The Red Oak Fund, LP; Pinnacle Fund, LLLP;
Bear Market Opportunity Fund, LLP; James Gladney; Robert Graham;
Antoine Tristani; Pat Goepel; Fenil Shah; Sarla Software LLC;
Chimanlal Shah; Falguni Shah; Ruchir Shah; Snehal Shah; Vibha Shah;
and Ushma Shah alleging violations of federal securities laws.
In that complaint, Asure maintains that the defendants have been
acting as an affiliated group in connection with their recent
purchases of Asure stock and their involvement in an ongoing proxy
contest with the Company. The suit claims the defendants violated
Section 13(d) of the Securities Exchange Act of 1934 by not
properly reporting their identity and activities as an affiliated
group. The suit also claims that certain of the defendants have
further violated the federal securities laws by failing to disclose
their true intentions concerning the future of Asure.
The Company has asked the Court to enjoin the defendants'
violations of the federal securities laws prior to the Company's
shareholder meeting scheduled for July 30, 2009.
"Our Board of Directors is fully committed to protecting our
shareholders' interests by calling out the unlawful practices of
these defendants," said Nancy L. Harris, President and Chief
Executive Officer. "We believe this affiliated group has not been
forthright in their communications with shareholders and is
attempting to gain control of the Company without paying a
reasonable price. We intend to aggressively pursue this legal
action to protect our shareholders."
About Asure Software
Headquartered in Austin, Texas, Asure Software (ASUR), (a d/b/a
of Forgent Networks, Inc.), empowers small to mid-size
organizations and divisions of large enterprises to operate more
efficiently, increase worker productivity and reduce costs through
a comprehensive suite of on-demand workforce management software
and services. Asure's market-leading suite includes products that
optimize workforce time and attendance tracking, benefits
enrollment and tracking, pay stubs and W2 documentation, expense
management, and meeting and event management. With additional
offices in Warwick, Rhode Island, Vancouver, British Columbia, and
Mumbai, India, Asure serves 3,500 customers around the world. For
more information, please visit www.asuresoftware.com.
"Safe Harbor" Statement under the Private Securities Litigation
Reform Act of 1995:
Statements in this press release regarding Asure's business
which are not historical facts are "forward-looking statements"
that involve risks and uncertainties. Such risks and uncertainties,
which include those associated with continued listing of the
Company's securities on the NASDAQ Capital Market, could cause
actual results to differ from those contained in the
forward-looking statements.
Asure Software (NASDAQ:ASUR)
Historical Stock Chart
From May 2024 to Jun 2024
Asure Software (NASDAQ:ASUR)
Historical Stock Chart
From Jun 2023 to Jun 2024