SOURCE: Pomerantz LLP

August 28, 2015 12:10 ET

SHAREHOLDER ALERT: Pomerantz Law Firm Reminds Shareholders With Losses on Their Investment in VASCO Data Security International, Inc. of Class Action Lawsuit and Upcoming Deadline - VDSI

NEW YORK, NY--(Marketwired - Aug 28, 2015) -  Pomerantz LLP announces that a class action lawsuit has been filed against VASCO Data Security International, Inc. ("VASCO" or the "Company")(NASDAQ: VDSI) and certain of its officers. The class action, filed in United States District Court, Northern District of Illinois, Eastern Division, and docketed under 15-cv-06605, is on behalf of a class consisting of all persons or entities who purchased VASCO securities between February 18, 2014 and July 21, 2015 inclusive (the "Class Period"). This class action seeks to recover damages against Defendants for alleged violations of the federal securities laws under the Securities Exchange Act of 1934 (the "Exchange Act"). 

If you are a shareholder who purchased VASCO securities during the Class Period, you have until September 28, 2015 to ask the Court to appoint you as Lead Plaintiff for the class. A copy of the Complaint can be obtained at www.pomerantzlaw.com. To discuss this action, contact Robert S. Willoughby at rswilloughby@pomlaw.com or 888.476.6529 (or 888.4-POMLAW), toll free, ext. 9980. Those who inquire by e-mail are encouraged to include their mailing address, telephone number, and number of shares purchased.

VASCO Data Security International, Inc., together with its subsidiaries, designs, develops, markets, and supports hardware and software security systems that manage and secure access to information assets worldwide. VASCO Data's computer security subsidiaries include VASCO Data Security, Inc. in Illinois, and VASCO Data Security nv/sa of Belgium. The Company sells its security solutions through its direct sales force, distributors, resellers, and systems integrators.

The Complaint alleges that throughout the Class Period, defendants made materially false and misleading statements regarding the Company's business, operational and compliance policies. Specifically, defendants made false and/or misleading statements and/or failed to disclose that: (1) VASCO's products were illegally sold to parties in Iran in violation of federal laws prohibiting such sales; (2) the Company lacked adequate internal controls; and (3) as a result of the foregoing, VASCO's public statements were materially false and misleading at all relevant times. 

On July 21, 2015, after the market closed for trading, VASCO filed a Form 8-K with the SEC announcing "that certain of its products which were sold by a VASCO European subsidiary to a third-party distributor may have been resold by the distributor to parties in Iran, potentially including parties" subject to U.S. economic sanctions. 

As a result of this news, shares of VASCO fell $0.86, or over 3.22%, on unusually heavy volume, to close at $25.83 on July 22, 2015.

The Pomerantz Firm, with offices in New York, Chicago, Florida, and Los Angeles, is acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class litigation. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, the Pomerantz Firm pioneered the field of securities class actions. Today, more than 70 years later, the Pomerantz Firm continues in the tradition he established, fighting for the rights of the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered numerous multimillion-dollar damages awards on behalf of class members. See www.pomerantzlaw.com.

Contact Information