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Law firm announces Investigation of securities fraud against Electronic Game Card

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February 26, 2010 – Comments (1)

 

The Rosen Law Firm Announces Investigation of Securities Claims Against Electronic Game Card, Inc.

NEW YORK, Feb 26, 2010 (GlobeNewswire via COMTEX) -- The Rosen Law Firm, P.A. announces that it is investigating potential securities fraud claims against Electronic Game Card, Inc. /quotes/comstock/11k!egmi (EGMI 0.85, -0.03, -3.41%) ("EGMI" or the "Company") resulting from allegations that the Company may have issued materially inaccurate financial statements to the investing public between April 5, 2007 and February 19, 2010.

On February 19, 2010 the Company filed an 8-K announcing that its auditors had withdrawn their audit opinions for Electronic Game Card, Inc.'s financial statements for the years ended December 31, 2006, 2007, and 2008. According to the announcement, the Company's auditors advised EGMI that it had become aware of irregularities in the audit confirmation of a bank account of one of EGMI's wholly owned subsidiaries.

That same day, the SEC issued an Order temporarily suspending trading in the Company's stock because "there is a lack of current and accurate information concerning the securities of Electronic Game Card, Inc. because of questions regarding the accuracy of assertions by EGMI, and by others, in financial disclosures to investors concerning, among other things, the Company's assets." As a result of the trading suspension, EGMI's shares are effectively illiquid and shareholders have been damaged.

If you purchased Electronic Game Card, Inc. stock, you have important legal rights that may form the basis of a claim for damages against the Company for issuing inaccurate financial statements.

If you purchased Electronic Game Card stock between April 5, 2007 and February 19, 2010 and would like further information about your rights, please contact Laurence Rosen, Esq., or Phillip Kim, Esq. of The Rosen Law Firm toll free at 866-767-3653 or via e-mail at lrosen@rosenlegal.com, or pkim@rosenlegal.com.

The Rosen Law Firm represents investors throughout the globe, concentrating its practice in securities class actions and shareholder derivative litigation.

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