Violations of federal securities laws as a result of a series of materially false statements. The Complaint alleges that Defendants violated the Securities Exchange Act of 1934 by virtue of their failure to disclose, during the Class Period, that Tri-State Employment Services, Inc., CRS's contractual co-employer, had an unpaid federal payroll tax liability. According to the Complaint, following the Company's January 12, 2015 announcement of the resignation of its Chief Financial Officer, Michael Golde, the Company's February 3, 2015 announcement that it was not in compliance with its Net Worth covenants under certain bank agreements, as well as the Company's bankruptcy filing, and following its February 6, 2015 announcement that its financial statements for the year ended January 3, 2014 and the quarters ended April 4, 2014, July 4, 2014, and October 3, 2014 could no longer be relied upon, the value of CRS shares declined significantly. Filed in E.D.N.Y.
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