SOURCE: Abraham, Fruchter & Twersky, LLP

March 04, 2010 12:29 ET

Abraham, Fruchter & Twersky, LLP Announces That It Has Been Retained to File a Class Action Against Electronic Game Card, Inc.

NEW YORK, NY--(Marketwire - March 4, 2010) -  Abraham, Fruchter & Twersky, LLP has been retained to file a class action law suit on behalf of purchasers of Electronic Game Card, Inc. ("Electronic Game" or the "Company") (OTCBB: EGMI) securities between April 5, 2007 and February 19, 2010. The case is pending in the United States District Court for the Central District of California.

The Complaint charges Electronic Game and certain of the Company's executive officers and directors with violations of federal securities laws. Electronic Game, through its subsidiaries, is engaged in the development, marketing, sale and distribution of recreational electronic software which is primarily targeted towards the global sales promotion, gaming and lottery markets.

The Complaint alleges, among other things, that on February 19, 2010 Electronic Game announced that the Company's independent accounting firm, notified the Company that it had withdrawn its audit opinions for the Company's financial statements for the years ended December 31, 2006, 2007 and 2008 because it had become aware of irregularities in the audit confirmation of a bank account represented to the auditors as having been held by Electronic Game Card (UK) Limited ("EGC Ltd"), a wholly owned subsidiary of EGCI that conducts its European operations.

Also on February 19, 2010, the United States Securities and Exchange Commission halted trading in Electronic Game securities. As a result, class members have suffered substantial damages and their shares are currently illiquid.

Plaintiff seeks to recover damages on behalf of all purchasers of Electronic Game securities during the Class Period (the "Class"). The Plaintiff is represented by Abraham, Fruchter & Twersky, LLP which has extensive experience in securities class action cases, and the firm has been ranked among the leading class action law firms in terms of recoveries achieved by a survey of class action law firms conducted by Institutional Shareholder Services.

If you would like to discuss this action or if you have any questions concerning this notice or your rights as a potential class member or lead plaintiff, you may contact: Jack G. Fruchter or Arthur J. Chen of Abraham, Fruchter & Twersky, LLP at 212-279-5050, or via e-mail at jfruchter@aftlaw.com or achen@aftlaw.com, respectively. If you wish to serve as lead plaintiff, you must move the Court no later than sixty days from today. Any member of the proposed class may move the Court to serve as lead plaintiff through counsel of their choice, or may choose to do nothing and remain a member of the proposed class.

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Contact Information

  • Contact:

    Jack G. Fruchter
    Arthur J. Chen
    Abraham, Fruchter & Twersky, LLP
    One Penn Plaza, Suite 2805
    New York, N.Y. 10119
    Telephone: (212) 279-5050