Case Information: Ionatron, Inc.
Updated On: April 8th, 2010
Ionatron Notice of Settlement
Ionatron Proof of Claim Form This case covers all purchasers of the common stock of Ionatron, Inc. (“Ionatron”) during the period from May 4, 2005 through May 10, 2006.
Izard Nobel LLP was appointed as Co-Lead Counsel by the United States District Court for the District of Arizona on October 13, 2006. An Amended Complaint, filed on December 18, 2006, alleges that Defendants made misrepresentations concerning Ionatron’s weapons technology that was purportedly intended to destroy Improvised Explosive Devices (IEDs).
The Defendants filed a Motion to Dismiss the action and the Plaintiffs opposed it. On March 27, 2008, the Court entered an Order denying, in substantial part, the Defendants' Motion to Dismiss.
The parties have reached a mediated settlement which consists of $5.3 million in cash and $1.2 million in common stock. On July 31, 2009, the parties filed a stipulation of settlement with the Court. On September 28, 2009, the court granted final approval of the settlement.
In order to participate in the distribution of the settlement, Class Members were required to have submitted a Proof of Claim Form to the Claims Administrator's Office, post-marked no later than October 30, 2009.
An Unopposed Motion for Distribution of the Settlement Funds was filed with the Court on April 8, 2010.
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