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Idearc Inc. Investor Class Action Lawsuit 05/18/2009

 

If you purchased shares of Idearc Inc. (OTC: IDARQ) during the period between August 10, 2007 and March 31, 2009 you have certain options and there are strict and short deadlines running. (Deadline: July 07, 2009). You should contact the Shareholders Foundation, Inc. immediately!

You may contact us by using this form, or by sending an email to mail@shareholdersfoundation.com, or calling us at (858) 779-1554.

Company Name(s): 
Idearc
Case Name: 
Idearc Inc. Investor Class Action Lawsuit 05/18/2009
Case Status: 
Lawsuit Filed
Affected Securities
OTC: IDARQ
Lawsuit Overview
Type of Lawsuit: 
Shareholder Class Action
Date Filed: 
05/08/2009
Class Period Begin: 
08/10/2007
Class Period End: 
03/31/2009
Court of Filing: 
U.S. District Court of Texas
Deadline To File for Lead: 
07/07/2009
Summary: 

An investor of Idearc Inc. (OTC: IDARQ) has filed a proposed securities class-action lawsuit in the U.S. District Court of Texas on behalf of investors who purchased shares of Idearc Inc. (OTC: IDARQ) between Aug. 10, 2007, and March 31 against Idearc Inc. over alleged violations of the federal security laws.

According to the complaint the plaintiff alleges that the company and executive officers made false statements to the investing public about the company's outlook even as bad debts continued to pile up when in reality the company loosened credit polices to establish revenue that “would not be collectable.” When the nature of the credit policies were revealed to the publics Idearc's stock took several precipitous drops, so the lawsuit. According to the law firm no class has yet been certified in the above action and until a class is certified, shareholders are not represented by counsel unless they retain one. Dallas-based Idearc Inc. (OTC: IDARQ) reportedly was not immediately available for comment. Idearc Inc. is a yellow pages directories publisher in the United States. The products of the Idearc Inc include print yellow pages, print white pages, Superpages.com, the online local search resource, and Superpages Mobile, the information directory for wireless subscribers. Idearc Inc is located in DFW Airport, TX and had $3.189billion in total revenue with $429million net income in 2007 and $2.973billion in total revenue with $183million net income in 2008. On March 31, 2009 Idearc Inc. filed voluntary petitions for reorganization under Chapter 11. The Shares of Idearc Inc. (OTC: IDARQ) closed on Friday, May 15, 2009 at $0.06 per share.

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