The Law Offices of Todd M. Garber announces that shareholders of DGSE Companies Inc. (“DGSE” or the “Company”) (NYSE MKT:DGSE) have until November 6, 2012 to move for lead plaintiff status in the shareholder lawsuit filed in the United States District Court for the Northern District of Texas. The lawsuit was filed on behalf of a class (the “Class”) comprising all persons or entities who purchased the common stock of DGSE between April 15, 2011 and April 17, 2012, inclusive (the “Class Period”).
DGSE, together with its subsidiaries, buys and sells jewelry, bullion products and rare coins to wholesale and retail customers in the United States. The Company offers finished jewelry, gem stones and gold jewelry components, as well as custom jewelry to order and jewelry repair services. The Complaint alleges that DGSE misrepresented and/or failed to disclose material adverse facts concerning the Company’s business, operations and prospects.
On April 16, 2012 the Company filed a Form 8-K with the Securities and Exchange Commission announcing that the Company’s financial statements for the periods ended December 31, 2007, 2008, 2009, and 2010 could no longer be relied upon -- including the interim quarterly periods between the second quarter of 2007 through and including the third quarter of 2011 -- and had to be restated.
According to the Complaint, the Form 8-K accused the Company’s then “former Chief Financial Officer” of engaging in improper accounting of inventory and other balance sheet accounts which caused the restatement. Consequently, on April 17, 2012 NYSE AMEX halted trading in DGSE stock, effectively rendering it illiquid.If you are a member of the above-described Class, you may move the Court no later than November 6, 2012 to serve as lead plaintiff; however, you must meet certain legal requirements. To be a member of the Class you need not take any action at this time. You may retain counsel of your choice or take no action and remain an absent Class member. If you wish to discuss this action or have any questions concerning this Notice or your rights or interests with respect to these matters, please contact Todd M. Garber, Esquire, of the Law Offices of Todd M. Garber, by telephone at 213-700-7262 or by email to firstname.lastname@example.org. This press release may be considered Attorney Advertising in some jurisdictions under the applicable law and ethical rules.
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