SOURCE: Brower Piven, A Professional Corporation

March 12, 2010 16:57 ET

Brower Piven Encourages Investors Who Have Losses in Excess of $50,000 From Investment in Electronic Game Card, Inc. to Inquire About the Lead Plaintiff Position in Securities Fraud Class Action Lawsuit Before the May 3, 2010 Lead Plaintiff Deadline

STEVENSON, MD--(Marketwire - March 12, 2010) -  Brower Piven, A Professional Corporation announces that a class action lawsuit has been commenced in the United States District Court for the Central District of California on behalf of purchasers of the common stock of Electronic Game Card, Inc. ("EGMI" or the "Company") (OTCBB: EGMI) during the period between April 5, 2007 and February 19, 2010, inclusive (the "Class Period").

No class has yet been certified in the above action. Members of the Class will be represented by the lead plaintiff and counsel chosen by the lead plaintiff. If you wish to choose counsel to represent you and the Class, you must apply to be appointed lead plaintiff no later than May 3, 2010 and be selected by the Court. The lead plaintiff will direct the litigation and participate in important decisions including whether to accept a settlement and how much of a settlement to accept for the Class in the action. The lead plaintiff will be selected from among applicants claiming the largest loss from investment in the Company during the Class Period. You are not required to have sold your shares to seek damages or to serve as a Lead Plaintiff. You may contact Brower Piven (through hoffman@browerpiven.com or 410/415-6616) to answer any questions you may have in that regard.

The complaint charges EGMI and certain of its present and former officers and directors with violations of Sections 10(b) and 20(a) of the Securities Exchange Act of 1934. The complaint asserts that the Company issued materially false and misleading financial statements during the Class Period and misrepresented the Company's true financial condition. The Complaint alleges that on February 19, 2010 the Company filed an 8-K announcing that its auditors had withdrawn their audit opinions for Electronic Game Card, Inc.'s financial statements for the years ended December 31, 2006, 2007, and 2008 and advised EGMI that it had become aware of irregularities in the audit confirmation of a bank account of one of EGMI's wholly owned subsidiaries. According to the complaint, also on February 19, 2010, the SEC issued an Order temporarily suspending trading in the Company's stock due to "a lack of current and accurate information concerning the securities of Electronic Game Card, Inc. because of questions regarding the accuracy of assertions by EGMI and by others in financial disclosures to investors concerning, among other things, the Company's assets." As a result of the trading suspension, EGMI's shares are effectively illiquid and shareholders have been damaged.

If you have suffered a net loss for all transactions in Electronic Game Card, Inc. common stock during the Class Period, you may obtain additional information about this lawsuit and your ability to become a lead plaintiff by contacting Brower Piven at www.browerpiven.com, by email at hoffman@browerpiven.com, by calling 410/415-6616, or at Brower Piven, A Professional Corporation, 1925 Old Valley Road, Stevenson, Maryland 21153. Attorneys at Brower Piven have combined experience litigating securities and class action cases of over 40 years. If you choose to retain counsel, you may retain Brower Piven without financial obligation or cost to you, or you may retain other counsel of your choice. You need take no action at this time to be a member of the class.

Contact Information

  • CONTACT:
    Charles J. Piven
    Brower Piven, A Professional Corporation
    Stevenson, Maryland
    410/415-6616
    Email Contact