Cauley & Geller, LLP Announces Class Action Lawsuit Against Insurance Management Solutions Group, Inc. Seeking Damages On Behalf of Shareholders.Business Editors & Legal Writers BOCA RATON Boca Raton (bō`kə rətōn`), city (1990 pop. 61,492), Palm Beach co., SE Fla., on the Atlantic; inc. 1925. Boca Raton is a popular resort and retirement community that experienced significant industrial development in the 1970s and 80s. , Fla.--(BUSINESS WIRE)--Sept. 29, 2000 The Law Firm of Cauley & Geller, LLP LLP - Lower Layer Protocol announced today that it has filed a class action in the United States District Court for the Middle District of Florida The United States District Court for the Middle District of Florida serves the residents of thirty-five counties from eight courthouses. The counties are: Baker, Bradford, Brevard, Charlotte, Citrus, Clay, Collier, Columbia, De Soto, Duval, Flagler, Glades, Hamilton, Hardee, on behalf of all individuals and institutional investors that purchased the securities of Insurance Management Solutions Group, Inc. ("INMG INMG Instituto Nacional de Meteorologia e Geofísica (Portugal) " or the "Company") (NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on : INMG) pursuant or traceable to the Company's February 11, 1999 initial public offering ("IPO (Initial Public Offering) The first time a company offers shares of stock to the public. While not a computer term per se, many founders, employees and insiders of computer companies have found this acronym more exciting than any tech term they ever heard. "). The complaint charges that the Company and certain of its officers and directors violated the federal securities laws by providing a materially false and misleading Registration Statement and Prospectus. Specifically, the complaint alleges that the Prospectus was materially false and misleading because it failed to disclose: (i) the flood mapping business was not compatible with INMG's outsourcing services and synergies could not possibly be realized causing expected future growth to be well-below INMG's estimates; (ii) as a result of the incompatible nature of the two lines of business, few if any cross-over selling opportunities existed, further impacting future growth expectations; (iii) INMG's problems integrating these two lines of business prevented INMG from consolidating Geotrac of America, Inc. ("Geotrac") into its operations and accessing Geotrac's customer base to generate additional revenue; and (iv) as a result of the foregoing, the defendants had no reasonable basis to conclude that INMG expected to experience significant growth in its business and revenues. Cauley & Geller, LLP has substantial experience representing investors in securities fraud class action lawsuits class action lawsuit A lawsuit in which one party or a limited number of parties sue on behalf of a larger group to which the parties belong. For example, investors may bring a class action lawsuit against a brokerage firm that has actively promoted a tax such as this. The firm has offices in Florida, Arkansas and California, but represents shareholders from throughout the nation. If you have any questions about how you may be able to recover for your losses, or if you would like to consider serving as one of the lead plaintiffs in this lawsuit, you must meet certain requirements and take appropriate action by November 27, 2000. You are encouraged to call or e-mail the Firm or visit the Firm's website at www.classlawyer.com |
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