Contact Information: Contact: Bronstein, Gewirtz & Grossman, LLC Peretz Bronstein Eitan Kimelman 212-697-6484 www.bgandg.com
Bronstein, Gewirtz & Grossman, LLC Announces That a Class Action Has Been Filed Against Force Protection, Inc. and Certain of Its Senior Officers and Directors
| Source: Bronstein, Gewirtz & Grossman, LLC
NEW YORK, NY--(Marketwire - March 13, 2008) - Bronstein, Gewirtz & Grossman, LLC announces
that a class action lawsuit has been filed in the United States District
Court for the District of South Carolina on behalf of purchasers of the
common stock Force Protection, Inc. ("Force Protection") (NASDAQ : FRPT ).
The class consists of purchasers of the Force Protection common stock for
the period August 14, 2006 through and including February 29, 2008.
The complaint alleges that during the class period mentioned above, Force
Protection and certain individual defendants Frank Kavanaugh, Gordon R.
McGilton, Michael Moody, Michael S. Durski and Raymond W. Pollard ("The
Defendants") violated the federal securities laws by issuing false and
misleading statements regarding the company's business, financial results
and prospects. As a result of defendants' false statements, Force
Protection stock traded at artificially inflated prices reaching as high as
$30.27 on May 30th, 2007. Prior to and during the class period, Force
Protection continually boasted its dominance in the Mine Resistant Ambush
Protected ("MRAP") market was due to its superior product design and its
ability to meet deadlines. In a report dated June 27th, 2007, the
Inspector General of the US Department of Defense, Force Protection's
primary customer, questioned both of these claims and criticized the
awarding of contracts on a sole source basis without competitive bidding.
The report noted that there were other U.S. companies that could have
competed with Force Protection on both product capability and faster
delivery schedules. On February 29th, 2008, after the market closed, Force
Protection issued a press release, which stated it would have to delay the
release of its 2007 form 10-K and restate its form 10-Q for the period
ended September 30, 2007. As a result of this news, Force Protection
shares dropped to close at $3.58 on March 3rd, 2008, a 13% decline from its
February 29th, 2008 stock value. Shares of Force Protection have declined
over 85% during this class period.
If you purchased Force Protection common stock between August 14, 2006
through and including February 29, 2008 and sustained losses and would like
to discuss this action or if you have any questions regarding this notice
or your rights as a potential class member or lead plaintiff you may
contact: Peretz Bronstein or Eitan Kimelman of Bronstein, Gewirtz &
Grossman, LLC at 212-697-6484 or via email eitan@bgandg.com. If you wish
to serve as lead plaintiff, you must move to court no later than May 9th,
2008.
Bronstein Gewirtz & Grossman, LLC is a corporate litigation boutique. Our
primary expertise is the aggressive pursuit of litigation claims on behalf
of our clients. In addition to representing institutions and other
investor plaintiffs in class action security litigation, the firm's
expertise includes general corporate work, private securities offerings,
and securities arbitration.