Proposed Class Action Lawsuit Filed Against ORBCOMM
A lawsuit seeking class action status has filed in the United States District Court for the District of New Jersey on behalf of all persons who purchased the common stock of ORBCOMM, Inc. pursuant and/or traceable to the Company’s initial public offering on or about November 3, 2006.
The Complaint charges that ORBCOMM and certain of its officers and directors violated federal securities laws. Specifically, on or about October 30, 2006, ORBCOMM filed with the Securities and Exchange Commission a Form S-1/A Registration Statement, for the IPO. On or about November 3, 2006, the Prospectus with respect to the IPO, which forms part of the Registration Statement, became effective and, including the exercise of the over-allotment, more than 9.2 million shares of ORBCOMM’s common stock were sold to the public, thereby raising more than $101 million. The complaint alleges that the Prospectus contained inaccurate statements of material fact because it failed to disclose that demand for the Company’s products was weakening as certain end-users were delaying purchases and international sales were being negatively impacted by delays in modifying regional applications.
If you are a member of the class, you may, no later than November 19, 2007, request that the Court appoint you as lead plaintiff of the class. A lead plaintiff is a class member that acts on behalf of other class members in directing the litigation.
Filed under Class Action, General Law
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