Message #206 From:
NewsBot Date: April 13, 2008 03:35:11 PM
Johnson & Perkinson Announces Commencement of Class Action Litigation Naming Force Protection, Inc.
Johnson & Perkinson Announces Commencement of Class Action Litigation Naming Force Protection, Inc.
Johnson & Perkinson hereby announces
the commencement of a class action lawsuit naming Force Protection, Inc.
("Force Protection" or the "Company") (NASDAQ: FRPT) and certain officers
of the Company. The action was filed in the United States District Court
for the District of South Carolina. Individuals, families, trusts or other
entities that purchased Force Protection common stock between August 14,
2006 and February 29, 2008, inclusive, have the opportunity to participate
as Lead Plaintiffs in the currently pending class action litigation against
the Company. To do so, you must apply to serve in that capacity by May 9,
2008.
Johnson & Perkinson, a law firm based in South Burlington, Vermont, has
extensive experience prosecuting investor class actions and actions
involving financial fraud. Attorneys Johnson and Perkinson are both former
employees of the Securities and Exchange Commission. Dedicated to
maximizing shareholder return, members of Johnson & Perkinson have
prosecuted complex class actions alleging securities or consumer
fraud/deception on behalf of investors/consumers against numerous public
companies since 1985, resulting in the recovery of many hundreds of
millions of dollars, and have been singled out for excellence by various
courts. The firm is litigating, or has recently resolved litigation, as
Lead or Co-Lead Counsel in securities class actions against Xerox,
Priceline, Wireless Facilities, i2 and Xchange, and serves on the Executive
Committee in the Global Crossing case.
The complaint alleges that prior to and during the Class Period, defendants
continually boasted that Force Protection's dominance in the Mine Resistant
Ambush Protected ("MRAP") vehicles market was due to its superior product
design and rapid delivery rates. In June 2007, the Inspector General of
the Department of Defense questioned both of these claims and criticized
the awarding of contracts to Force Protection on a sole source basis and
without competitive bidding. The report noted that there were other U.S.
companies that could have competed with Force Protections on both product
capability and faster delivery schedules. The complaint further alleges
the following true facts, which were known by the defendants but concealed
from the investing public during the class period: (1) as a result of the
Company's ongoing problems in meeting contractual delivery deadlines, the
Company would have trouble competing in the MRAP market; (2) in audit
reports, the Defense Contract Audit Agency had been critical of the
Company's finances and financial accounting system, which threatened the
Company's eligibility to compete for government contracts; (3) the
Company's accounting department suffered from material weaknesses and
deficiencies and lacked the necessary staff and resources to perform its
required functions; (4) contrary to the representations contained in the
Company's SEC filings, the Company's internal controls were inadequate and
easily manipulated, and, as a result, multiple areas of the Company's
internal controls suffered serious deficiencies; (5) the Company lacked
effective internal controls in its financial reporting process, required to
enable it to properly analyze and/or estimate Force Protection's future
financial and operational performance; (6) defendants had caused the
Company to falsely report at least its third quarter 2007 financial
results.
If you wish to discuss this action or have any questions concerning this
announcement or your rights or interests with respect to these matters,
please contact Johnson & Perkinson attorneys James F. Conway, III or Eben
F. Duval toll free at 1-888-459-7855; via email at email@jpclasslaw.com;
through our website at www.jpclasslaw.com; or by mail at Johnson &
Perkinson, 1690 Williston Road, P.O. Box 2305, South Burlington, Vermont
05403. Attorneys at Johnson & Perkinson can help you decide if seeking
appointment as a Lead Plaintiff is right for you. Your ability to share in
any recovery is not affected by your decision to not seek appointment as a
Lead Plaintiff.
Contact:
James F. Conway, III
or
Eben F. Duval
802-862-0030 Email Contact