INTRUSION ALERT: Bragar Eagel & Squire, P.C. Announces That a Class Action Lawsuit Has Been Filed Against Intrusion, Inc. and Encourages Investors to Contact the Firm

Author's Avatar
Business Wire
Apr 20, 2021
Article's Main Image



Bragar Eagel & Squire, P.C., a nationally recognized shareholder rights law firm, announces that a class action lawsuit has been filed in the United States District Court for the Eastern District of Texas on behalf of investors that purchased Intrusion, Inc. (NASDAQ: INTZ) securities between January 13, 2021 and April 13, 2021, inclusive (the Class Period). Investors have until June 15, 2021 to apply to the Court to be appointed as lead plaintiff in the lawsuit.



Click here to participate in the action.



On April 14, 2021, White Diamond Research published a report alleging, among other things, that Intrusions product, Shield, has no patents, certifications, or insurance, which are all essential for selling cybersecurity products and that Shield is based on open-source data already available to the public. Thus, the report stated that Shield is a repackaging of pre-existing technology rather than an innovative offering. Moreover, the report alleged that the claims that Shield stopp[ed] a total of 77,539,801 cyberthreats from 805,110 uniquely malicious entities . . . in the 90-day beta program were outlandish, leading White Diamond to question [h]ow have these companies been able to function so far, as theyve been attacked many times per minute by ransomware, malware, data theft, phishing and DDoS attacks?



On this news, the Companys share price fell $4.50, or over 16%, to close at $23.75 per share on April 14, 2021. The share price continued to decline by $3.22, or 14%, over the next trading session to close at $20.53 per share on April 15, 2021.



The complaint, filed on April 16, 2021, alleges that throughout the Class Period defendants made materially false and/or misleading statements, as well as failed to disclose material adverse facts about the Companys business, operations, and prospects. Specifically, defendants failed to disclose to investors: (1) that Intrusions Shield product was merely a repackaging of existing technology in the Companys portfolio; (2) that Shield lacked the patents, certifications, and insurance critical to the sale of cybersecurity products; (3) that the Company had overstated the efficacy of Shields purported ability to protect against cyberattacks; (4) that, as a result of the foregoing, Intrusions Shield was reasonably unlikely to generate significant revenue; and (5) that, as a result of the foregoing, defendants positive statements about the Companys business, operations, and prospects were materially misleading and/or lacked a reasonable basis.



If you purchased Intrusion securities during the Class Period and suffered a loss, are a long term stockholder, have information, would like to learn more about these claims, or have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Brandon Walker, Melissa Fortunato, or Marion Passmore by email at [email protected], telephone at (212) 355-4648, or by filling+out+this+contact+form. There is no cost or obligation to you.



About Bragar Eagel & Squire, P.C.:



Bragar Eagel & Squire, P.C. is a nationally recognized law firm with offices in New York, California, and South Carolina. The firm represents individual and institutional investors in commercial, securities, derivative, and other complex litigation in state and federal courts across the country. For more information about the firm, please visit www.bespc.com. Attorney advertising. Prior results do not guarantee similar outcomes.

View source version on businesswire.com: https://www.businesswire.com/news/home/20210419005837/en/

Rating:
0 / 5 (0 votes)