On August 7, 2007, Shepherd, Finkelman, Miller & Shah, LLC (“SFMS”), along with Schiffrin, Barroway, Topaz & Kessler, LLP and Brodsky & Smith, LLC, filed a Class Action Complaint (“Complaint”) in the United States District Court for the District of Connecticut, on behalf of Craig Ginman, and members of the proposed Class, against Greenfield Online, Inc., Dean A. Wiltse and Robert E. Bies, alleging violations of the federal securities laws.
Specifically, the Complaint alleges that, throughout the Class Period, Defendants failed to disclose material adverse facts about the Company’s financial well-being and prospects. The Complaint alleges that Defendants failed to disclose or indicate the following: (1) that internal performance expectations were not being met; (2) that the Company’s revenues and earnings would be significantly impacted in subsequent financial quarters; (3) that the highly-touted Ciao AG acquisition was unsuccessful in its implementation and integration, and that Ciao AG was not performing as previously expected; (4) that the Company’s financial statements overvalued the Ciao AG acquisition, and should have been written down to reflect Ciao AG’s actual value; (5) that the Company lacked adequate internal and financial controls; and (6) that, as a result of the foregoing, the Company’s statements about its financial well-being, earnings, and future prospects were lacking in a reasonable basis when made. Plaintiff further alleges that, as a result of Defendants’ wrongful acts and omissions, and the precipitous decline in the market value of the Company’s common stock, Plaintiff and other Class members have suffered significant losses and damages.
The Class consists of all purchasers of Greenfield Online common stock between February 9, 2005 and September 30, 2005.
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