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CPS Systems Securities Litigation

CPS Systems Securities Litigation was brought on behalf of purchasers of CPS Systems, Inc. stock in connection with its $8.74 million initial public offering and trading on the American Stock Exchange against CPS, its officers and directors, the underwriters for its IPO, and CPS’s independent auditors, alleging misstatements in the IPO Prospectus and subsequent press releases and SEC filings concerning CPS’s revenue recognition methods and reported revenues and earnings.  After CPS restated its earnings and filed bankruptcy, the case resulted in a $3.44 million cash settlement on behalf of the class against the remaining defendants.

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