ERJ staff report (DS)
Wilmington, Delaware -- The law firm of Rigrodsky & Long, has filed a class action lawsuit in the United States District Court for the Southern District of Florida on behalf of everyone who bought the stock of Magnum D'Or Resources, Inc. between July 2, 2008 and April 13, 2010, inclusive, alleging violations of the Securities Exchange Act of 1934.
The case is styled as Jeffrey Swanson v. Magnum D'Or Resources, Inc., C.A. No. 11-CV-62200 (S.D. Fla.).
The Complaint alleges that during the Class Period, Magnum made false statements to the marketplace about its growth and operations. Specifically, the Company falsely told investors, among other things, that it had $130 million in contracts for its products, and had secured $15 million in financing. The Company also failed to disclose the existence of an SEC Formal Order of Investigation into the Company - a fact Magnum appears to have hidden not only from investors but its own outside auditors, as well.
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Press release from Rigrodsky & Long