Twenty-nine investors have filed a lawsuit against Internal Fixation Systems, alleging the company violated federal law by misrepresenting its finances in SEC filings and press releases, according to a
Miami Herald report.
The complaint alleges the company failed to provide wholesome or timely information, including information relating to sales of company stock or the company's eviction from a manufacturing facility.
The company's stock reportedly fell from $2.58 to a penny a share, according to the report. The company's latest financial report shows Internal Fixation Systems lost $1.3 million on $293,000 in sales.
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