Smart Choice Class Action Law
Shareholders of Smart Choice filed two class action lawsuits against the company. The claim was filed by those who purchased or otherwise acquired Smart Choice publicly traded securities.
These lawsuits were filed following Smart Choice's announcement that a preliminary determination had been reached that the net income it had announced was likely overstated in a material, undetermined amount.
The case believes that the company and its directors prepared and issued deceptive and materially false and misleading statements to the public, which caused the purchase of Smart Choice securities at artificially inflated prices.
Smart Choice executed an agreement whereby Smart Choice will pay $2.5 million in full settlement. All of the $2.5 million settlement amount has been funded by Smart Choice's insurance carrier. The agreement is subject to final approval of the court.
The case was filed in the United States District Court for the Middle District of Florida.