Case Summary
This lawsuit (the "Action") is a class action alleging violations of the federal securities laws by persons affiliated with Shuffle Master. The Court has appointed City of Tulsa Municipal Employees Retirement Plan and Oklahoma Firefighters Pension and Retirement System to serve as Lead Plaintiffs in the Action, and has appointed the law firm of Grant & Eisenhofer P.A. to serve as Class Counsel. The Action was brought against all the Defendants.
The Consolidated Class Action Complaint (the "Complaint"), which was filed in the Action on February 5, 2008 alleged that the Defendants violated the federal securities laws by causing Shuffle Master's financial statements to falsely overstate its profitability and assets. Specifically, Lead Plaintiffs alleged that Defendants accrued and booked revenue and receivables that were never received and hid Shuffle Master's deteriorating financial condition from investors.
The Complaint alleges that the Defendants knew that the public documents and statements issued or disseminated in the name of Shuffle Master during the Class Period were materially false and misleading; knew that such statements or documents would be issued or disseminated to the investing public; and knowingly and substantially participated or acquiesced in the issuance or dissemination of such statements or documents as primary violations of the federal securities laws. Defendants' alleged false and misleading statements caused the price of Shuffle Master common stock to be artificially inflated, causing investors who purchased such securities during the Class Period to suffer damages.
The Court in charge of this case is the United States District Court for the District of Nevada. The case is known as
In re Shuffle Master, Inc. Securities Litigation, No. 2:07-cv-00715-KJD-RJJ
Commencing on February 19, 2010, the claims administrator will mail the
Notices and the
Proof of Claim forms to potential claimants. To be eligible for participation in this distribution, your completed and signed Proof of Claim and Release must be postmarked on or before June 3, 2010 and submitted to the claims administrator.
With some exceptions that are explained in the detailed notice about this case, the settlement, if approved by the Court, will provide for payments to:
All persons and entities who purchased or acquired Shuffle Master, Inc. ("Shuffle Master") common stock between and including February 1, 2006 and March 12, 2007, and who were damaged thereby.
The settlement monies will be divided among all eligible Settlement Class Members who send in valid claim forms ("Authorized Claimants"). After deduction of the costs of notice and administration, certain taxes and tax-related expenses, and any attorneys' fees and costs that are approved by the Court, the balance of the settlement fund, plus accrued interest, will be available for distribution to members of the Settlement Class (the "Net Settlement Amount").
You are encouraged to read the detailed notice to determine if you are eligible for a recovery in this case.
Further information is available from the
Case Documents and
FAQs on this site.