NEW YORK, April 20, 2015 /PRNewswire/ -- Milberg LLP
has filed a federal securities class action against AudioEye, Inc.
("AudioEye" or the "Company") (OTC: AEYE) alleging violations of
the Securities Exchange Act of 1934. The action, filed in the
United States District Court for the District of Arizona, is on behalf of purchasers of
AudioEye securities between May 5,
2014 and April 1, 2015,
inclusive (the "Class Period").
Defendants' are alleged to have violated the federal securities
laws, specifically Section 10(b) and 20(a) of the Securities
Exchange Act of 1934.
According to the complaint, throughout the Class Period
defendants made false and/or misleading statements and/or failed to
disclose that: (1) AudioEye's financial statements contained errors
concerning the classification of revenues and expenses; (2) the
Company lacked adequate internal controls over its financial
reporting; and (3) as a result of the foregoing, the Company's
financial statements were materially false and misleading at all
relevant times.
On April 1, 2015, the truth was
revealed when AudioEye announced that its previously issued
financial statements for the quarters ended March 31, June 30
and September 30, 2014 will be
restated due to errors. Furthermore, AudioEye stated that its
preliminary earnings release issued by the Company on January 12, 2015 relating to the quarter and year
ended December 31, 2014 should no
longer be relied upon. The Company also announced that,
Edward O'Donnell, resigned as the
Company's Chief Financial Officer.
As a result of this announcement, the Company's stock fell 22%
during intraday trading on April 1,
2015.
If you purchased AudioEye common stock during the Class Period
you may, no later than June 15, 2015,
request that the Court appoint you lead plaintiff of the proposed
class. A lead plaintiff is a class member that represents other
class members in directing the litigation. Your share in any
recovery will not be affected by serving as a lead plaintiff,
however, lead plaintiffs make important decisions that could affect
the overall recovery for class members. You do not need to be a
lead plaintiff to recover as an absent class member. You may retain
Milberg LLP, or other attorneys, for this action, but do not need
to retain counsel to recover. If this action is certified as a
class action, class members will be automatically represented by
Court-appointed counsel.
Milberg LLP has represented individual and institutional
investors for over four decades and serves as lead counsel in
Courts throughout the United
States. Visit the Milberg website (www.milberg.com) for more
information about the firm. If you wish to discuss this matter with
us, please contact the following attorney:
Andrei Rado, Esq.
Milberg LLP
One Pennsylvania Plaza, 49th Fl.
New York, NY 10119-0165
Phone number: 800-320-5081
Email: arado@milberg.com
Attorney Advertising. Prior Results Do Not
Guarantee A Similar Outcome.
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SOURCE Milberg LLP