A class action lawsuit has been filed in United States District Court for the Central District of California on behalf of purchasers of Irvine Sensors Corporation (NASDAQ:IRSN) common stock between January 6, 2000 and September 15, 2001, inclusive (the "Class Period").
The complaint alleges that ISC, a high-tech research and development firm, along with certain of its officers and directors, violated federal securities laws, by, among other things, repeatedly maintaining throughout the Class Period, that Silicon Film Technologies, Inc., a majority-owned subsidiary of ISC, was near completion of its Electronic Film System or "EFS-1," a device which would interface with a conventional camera to enable the camera to take digital pictures, all the while knowing that the EFS-1 was suffering from serious and insurmountable technical design flaws. On September 15, 2001, after nearly two years of touting the EFS-1 technology, ISC abruptly announced that SFI had suspended operations and was considering bankruptcy, essentially ending the EFS-1 project. This news caused ISC stock price to plummet from a Class Period high of $14 a share to a low of 12 cents.
According to the complaint, due to defendants' deceptive and illegal conduct, the stock price of ISC was artificially high throughout the Class Period, causing plaintiff and the other class members to purchase their ISC securities at inflated prices.
Plaintiff seeks to recover damages on behalf of all those who purchased ISC common stock during the Class Period, excluding defendants and their affiliates.

Update

This case has been settled. The Claims Administrator for this litigation is Berdon Claims Administration LLC. The deadline for submitting a proof of claim was June 29, 2004 and the Net Settlement was distributed on December 20, 2005. If you would like further information about the settlement, please go to www.berdonclaims.com or call (800) 766-3330.

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