An investigation on behalf of long-term investors in shares of VASCO Data Security International, Inc. (NASDAQ:VDSI) concerning potential breaches of fiduciary duties by certain directors of Oakbrook Terrace, IL based VASCO Data Security International was announced.
Investors who are current long term investors in VASCO Data Security International, Inc. (NASDAQ:VDSI) shares, have certain options and should contact the Shareholders Foundation at mail@shareholdersfoundation.com or call +1(858) 779 – 1554.
The investigation by a law firm for current long term investors in NASDAQ:VDSI stocks follows a lawsuit filed recently against VASCO Data Security International, Inc. over alleged securities laws violations. The investigation on behalf of current long term investors in NASDAQ:VDSI stocks, concerns whether certain VASCO Data Security International officers and directors are liable in connection with the allegations made in that lawsuit.
According to that complaint filed in the U.S. District Court for the Northern District of Illinois the plaintiff alleges that VASCO Data Security International’s products were illegally sold to parties in Iran in violation of federal laws prohibiting such sales, that VASCO Data Security International, Inc. lacked adequate internal controls, and that as a result of the foregoing, VASCO Data Security International’ public statements were materially false and misleading at all relevant times.
On July 21, VASCO Data Security International, Inc disclosed that certain of its products which were sold by a VASCO European subsidiary to a third-party distributor may have been resold by the distributor to parties in Iran, potentially including parties whose property and interests in property may be blocked pursuant to Executive Order 13224, Executive Order 13382 or that may be identified under Section 560.304 of 31 C.F.R. Part 560 as the ‘Government of Iran. VASCO Data Security International, Inc said that the Audit Committee of the Company’s board of directors has initiated an internal investigation and the company has stopped all shipments to the distributor at issue pending resolution of the investigation.
Those who purchased shares of VASCO Data Security International, Inc. (NASDAQ:VDSI) have certain options and should contact the Shareholders Foundation.
Contact:
Shareholders Foundation, Inc.
Michael Daniels
3111 Camino Del Rio North – Suite 423
92108 San Diego
Phone: +1-(858)-779-1554
Fax: +1-(858)-605-5739
mail@shareholdersfoundation.com