Glancy Prongay & Murray LLP Reminds Investors of Looming Deadline in the Class Action Lawsuit Against Intrusion Inc. (INTZ)
THE ANGEL–(BUSINESS WIRE) – Glancy Prongay & Murray LLP (“GPM”) is reminding investors of the upcoming June 15, 2021 deadline to file lead plaintiff motion in class action filed on behalf of investors who bought Intrusion Inc. or otherwise have acquired (“intrusion”). or the securities of the Company (NASDAQ: INTZ) between January 13, 2021 and April 13, 2021 inclusive (the “Class Period”).
If you have suffered a loss on your intrusion investments or would like to inquire about whether you may be able to make claims to recover your loss under federal securities laws, you can use your contact information at https://www.glancylaw.com/cases / submit intrusion-inc /. You can also contact Charles H. Linehan of GPM at 310-201-9150, toll free at 888-773-9224, or email Shareholder@glancylaw.com to learn more about your rights.
Intrusion develops, sells and supports products designed to protect companies from cyberattacks by combining advanced threat intelligence with real-time artificial intelligence. It offers three products: Shield, a cybersecurity solution packaged as a comprehensive, AI-based, real-time security-as-a-service; TraceCop, a big data tool with IP intelligence, including reputation information on known good and known bad active IP addresses; and Savant, a network monitoring solution that detects suspicious traffic in real time.
On April 14, 2021, White Diamond Research released a report claiming, among other things, that Intrusion’s Shield product “does not have the patents, certifications, or insurance required to sell cybersecurity products” and that “Shield is based on Open -Source data already available to the public. The report therefore states, “Shield is more of a repackaging of existing technology than an innovative proposition.” Additionally, the report claimed that the claims that Shield “are stopping.”[ed] A total of 77,539,801 cyberthreats from 805,110 clearly malicious entities. . . in the 90-day beta program “were” failed “what White Diamond asked about”[h]How have these companies been able to function so far as they have been attacked multiple times per minute by ransomware, malware, data theft, phishing and DDoS attacks? ”
In that news, the company’s share price fell $ 4.50, or more than 16%, to close at $ 23.75 per share on April 14, 2021 in an unusually high trading volume. The stock price continued to drop $ 3.22, or 14%, during the next trading session, closing at $ 20.53 per share on April 15, 2021.
Throughout the class period, defendants made materially false and / or misleading statements and did not disclose material adverse facts about the company’s business, business and prospects. In particular, Defendants have failed to advise investors: (1) that Intrusion’s Shield product was merely a repackaging of existing technology into the Company’s portfolio; (2) that Shield lacked the patents, certifications, and insurance required to sell cybersecurity products; (3) that the company has overestimated the effectiveness of Shield’s alleged ability to protect itself from cyberattacks; (4) the foregoing made Intrusion’s Shield unlikely to generate significant revenue; and (5) that Defendants’ positive statements about the Company’s business, operations and prospects as a result of the foregoing were materially misleading and / or unfounded.
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If you purchased or otherwise acquired Intrusion Securities during the class period, you may request the court to appoint you as the lead plaintiff in this alleged class action no later than June 15, 2021. To be a member of the class action, you do not need to take any action at this point. You can keep an attorney of your choice or you can take no action and remain an absent member of the class action. If you would like to learn more about this class action, or if you have any questions about this announcement or your rights or interests in relation to the pending class action, please contact Charles Linehan, Esquire, of GPM, 1925 Century Park East, Suite 2100, Los Angeles, California 90067 at 310-201-9150, toll free at 888-773-9224, email firstname.lastname@example.org, or visit our website at www.glancylaw.com. When inquiring by email, please include your postal address, telephone number and the number of shares purchased.
This press release may be viewed as a solicitor’s advertisement in some jurisdictions under applicable laws and ethical rules.