Girard Gibbs LLP Announces Securities Fraud Investigation Into IMAX Corp. (Nasdaq:IMAX).SAN FRANCISCO San Francisco (săn frănsĭs`kō), city (1990 pop. 723,959), coextensive with San Francisco co., W Calif., on the tip of a peninsula between the Pacific Ocean and San Francisco Bay, which are connected by the strait known as the Golden -- The law firm of Girard Gibbs LLP LLP - Lower Layer Protocol (http://www.girardgibbs.com) announces that it is investigating an alleged securities fraud by IMAX IMAX Noun a film projection process that produces an image ten times larger than standard Corporation (Nasdaq:IMAX) ("IMAX" or the "Company") and its executives between February 17, 2006 and August 9, 2006. According to according to prep. 1. As stated or indicated by; on the authority of: according to historians. 2. In keeping with: according to instructions. 3. the investigation, IMAX issued a series of material misrepresentations in its filings with the Securities and Exchange Commission ("SEC") and press releases which failed to disclose that: (1) IMAX's financial results including its revenue recognition were materially misrepresented; (2) IMAX lacked adequate internal controls; and (3) IMAX's financial statements were presented in violation of Generally Accepted Accounting Principles The standard accounting rules, regulations, and procedures used by companies in maintaining their financial records. Generally accepted accounting principles (GAAP) provide companies and accountants with a consistent set of guidelines that cover both broad accounting . On August 9, 2006, IMAX announced that it was responding to an informal inquiry from the SEC regarding the Company's timing of revenue recognition, including its application of multiple element arrangement accounting in its revenue recognition for theatre systems. IMAX's share price fell by 40.6% or $3.91 in reaction to this news. If you purchased or otherwise acquired IMAX securities between February 17, 2006 and August 9, 2006, you may have suffered losses. If you wish to discuss your rights as an investor, please visit our website, http://www.girardgibbs.com/imax, or contact Aaron Sheanin, Esq. toll free at (866) 981-4800. |
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