DGSE Companies Securities Settlement
Kirby McInerney LLP (“KM”) is serving as lead counsel in a securities class action filed against DGSE Companies, Inc. (“DGSE”) (NYSE:DGSE) in the United States District Court for the Northern District of Texas. The action is brought on behalf of purchasers of DGSE common stock during the period from April 15, 2011 through April 17, 2012 (the “Class Period”).
The Complaint asserts violations of the federal securities laws against DGSE and certain if its officers and directors for issuing materially false and misleading financial information. Plaintiffs allege that during the Class Period, defendants falsely attested to the accuracy DGSE’s financial statements filed with the SEC. On April 16, 2012, the Company announced that investors could no longer rely on the Company’s financial statements dating back to 2007 and continuing through the third quarter of 2011, as those financial statements had to be restated. As a result, the Complaint alleges, the NYSE AMEX halted all trading in DGSE stock, rendering DGSE’s stock illiquid and damaging investors.
This case has settled for $1.7 million.