NEW YORK, Sept. 27, 2016 (GLOBE NEWSWIRE) -- Faruqi & Faruqi, LLP, a leading national securities law firm, reminds investors in Global Digital Solutions Inc. (“Global Digital” or the “Company”) (OTC:GDSI) of the October 24, 2016 deadline to seek the role of lead plaintiff in a federal securities class action lawsuit filed against the Company and certain officers.
The lawsuit has been filed in the U.S. District Court for the District of New Jersey on behalf of all those who purchased Global Digital securities between October 8, 2013 and August 12, 2016 (the “Class Period”). The case, HULL v. GLOBAL DIGITAL SOLUTIONS, INC. et al , No. 3:16-cv-05153 was filed on August 24, 2016, and has been assigned to Judge Freda Lisenbaum Wolfson.
The lawsuit focuses on whether the Company and its executives violated federal securities laws by making false and/or misleading statements and/or failed to disclose that: (1) Airtronic USA's (“Airtronic’s”) original equipment manufacturer supplier agreement disclosed in the Company’s press releases in October 2013 did not exist; (2) Global Digital failed to remove these misleading statements from its website despite repeated requests from Airtronic’s CEO; (3) Global Digital lacked a reasonable basis for its revenue projection for 2014; (4) Global Digital did not have credible financing in place to acquire any company; (5) Global Digital received numerous communications indicating Remington Outdoor Company, Inc. (“Remington”) had no interest in Global Digital's unsolicited acquisition offer; (6) Remington had already rejected Global Digital's offer on several occasions; and (7) as a result, Global Digital's statements about its business, operations and prospects were materially false and misleading and/or lacked a reasonable basis.
Request more information now by clicking here: www.faruqilaw.com/GDSI . There is no cost or obligation to you.
Take Action
If you invested in Global Digital stock or options between October 8, 2013 and August 12, 2016 and would like to discuss your legal rights, visit www.faruqilaw.com/GDSI . You can also contact us by calling Richard Gonnello toll free at 877-247-4292 or at 212-983-9330 or by sending an e-mail to rgonnello@faruqilaw.com . Faruqi & Faruqi, LLP also encourages anyone with information regarding Global Digital’s conduct to contact the firm, including whistleblowers, former employees, shareholders and others.
The court-appointed lead plaintiff is the investor with the largest financial interest in the relief sought by the class that is adequate and typical of class members who directs and oversees the litigation on behalf of the putative class. Any member of the putative class may move the Court to serve as lead plaintiff through counsel of their choice, or may choose to do nothing and remain an absent class member. Your ability to share in any recovery is not affected by the decision of whether or not to serve as a lead plaintiff.
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FARUQI & FARUQI, LLP 685 Third Avenue, 26th Floor New York, NY 10017 Attn: Richard Gonnello, Esq. rgonnello@faruqilaw.com Telephone: (877) 247-4292 or (212) 983-9330
