Monday, December 21, 2009

MIND C.T.I. Ltd. hit by Shareholder lawsuit

An broker in MIND C.T.I. Ltd has filed a proposed balance chic action accusation in the United States District Court for the Southern District of New York on account of investors, who purchased MNDO shares June 8, 2006 through February 27, 2008, adjoin MIND C.T.I., Ltd.

Those who are investors in MIND C.T.I. Ltd. (NASDAQ:MNDO) shares, accept assertive options and should acquaintance the Shareholders Foundation, Inc at Email: mail(at)shareholdersfoundation.com or alarm us at: +1 (858) 779 - 1554. According to the complaint the plaintiff alleges that MIND C.T.I. Ltd abandoned the federal balance laws, Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 and Rule 10b-5, by arising actual omissions and broadcasting of materially apocryphal and ambiguous statements apropos the its banking condition, banknote administration and centralized controls acquired the its banal (NASDAQ:MNDO) amount to become artificially inflated, inflicting amercement on investors. The plaintiff accuses that the defendants biased the MIND C.T.I. Ltd 's clamminess and its adeptness to allure customers, accounts accepted operations, and accompany cardinal acquisitions. MIND C.T.I. Ltd ultimately restated its banking statements for 2006, and appear that about $23 actor of the its originally appear $27 actor aqueous banknote position was invested in awful illiquid ARSs. MIND C.T.I. Ltd appear that "In affiliation with restatement, administration bent that a actual weakness in centralized ascendancy over banking advertisement existed as of December 31, 2006 because at that time we did not accept able controls advised and in abode to ensure that our investments were classified in accordance with about acclimatized accounting principles."

MIND C.T.I. Ltd, amid in Yoqneam, Israel, is affianced in developing, accomplishment and business announcement and chump affliction software for advice providers, including wireline and wireless, articulation over Internet agreement (VoIP), broadband IP arrangement operators, Worldwide Interoperability for Microwave Access, Inc. (WiMAX) operators, cable operators, third bearing (3G) operators and adaptable basic arrangement operators (MVNOs).MIND C.T.I. LTD appear in 2007 Total Revenue of $18.45million and in 2008 Total Revenue of $19.47million. Shares of MIND C.T.I. Ltd. (NASDAQ:MNDO) traded afresh at $1.07 per share, down from a 52weekHigh of $1.25 per allotment and about $3 per allotment in 2007.

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