CINCINNATI, June 23, 2010 (GLOBE NEWSWIRE) -- The Cincinnati law firm of Strauss & Troy announced today that it is investigating DJSP Enterprises, Inc. ("DJSP") (Nasdaq:DJSP) for potential violations of state and federal securities laws. The affected stock was purchased between March 11, 2010 and May 27, 2010.
Strauss & Troy Announces Investigation of DJSP Enterprises aka David J. Stern Law Office Plantation Fl, NY Times Article To Follow. DJSP Enterprises, Inc is David J. Stern law office in Plantation Florida which also appears to be under investigation by the Florida Attorney General's office.
The firm's investigation was triggered on May 27, 2010, when DJSP announced its operating results for the first quarter 2010. DJSP revealed that they would be unable to meet its earnings estimates and revised its earnings guidance.
As a direct result, on May 28, 2010, DJSP's stock fell to $6.38 per share, a decline of over 28% on unusually high trading volume, (unusual as in from an average daily volume of 258,000 shares to 4,918,890 shares traded on May 28, 2010)
Shareholders who purchased DJSP stock between March 11, 2010 and May 27, 2010 may have a claim against the Company and are encouraged to contact attorney Richard Wayne at (513) 621-2120 or firstname.lastname@example.org for further information without any obligation or cost to you.
CONTACT: Strauss & Troy
Richard S. Wayne, Esq.
Cincinnati, Ohio 45202
Filing by DJSP ENTERPRISES, INC. aka David J. Stern Law Office with the Securities and Exchange Commission, see link click here.
UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Commission file number: 001-34149
DJSP Enterprises, Inc.
British Virgin Islands
c/o Kumar Gursahaney; Tel: (954) 233-8000 ext. 2024; Fax: (954) 233-8570
David J. Stern Law Office
900 South Pine Island Road, Suite 400; Plantation, Florida 33324.
Concurrently with the Business Combination, the Law Offices of David J. Stern (“DJS”), Professional Title and Abstract Company of Florida, Inc. (“PTA”) and Default Servicing, Inc. (“DSI”) (collectively, the “Stern Contributors”) transferred all of the non-legal business and assets of DJS, DSI and PTA (the “Stern Contributors’ Contribution”) to DJS Processing, LLC (“DJS LLC”), Default Servicing, LLC (“DSI LLC”) and Professional Title and Abstract Company of Florida, LLC (“PTA LLC”), respectively. In consideration for their contribution of their ownership interests in DJS LLC, PTA LLC and DSI LLC to DAL.
The Stern Contributors received from DAL the following (the “Consideration”):
· $58,500,080 in cash (the “Initial Cash”);
· $52,469,000 in a promissory note issued by DAL (the “Stern Note”);
· 1,200,000 DAL Common Units (the “Stern DAL Common Units”);
· 1,666,667 DAL Series A Preferred Units (the “Stern DAL Series A Preferred Units”);
· 3,133,333 DAL Series B Preferred Units (the “Stern Series B Preferred Units”); and
· The right to receive $35 million in Post-Closing Cash (defined in Item 5 below).
Following the Business Combination, the existing members of DAL, FlatWorld DAL LLC (“FlatWorld”) and Fortuna Capital Partners LP (“Fortuna”), hold (i) an aggregate of 1,500,000 Common Units of DAL and (ii) an aggregate of 766,667 Series B Preferred Units in DAL.
Bill Warner Private Investigator, SEX, CRIME, CHEATERS & TERRORISM