NEW YORK, July 10, 2019 (GLOBE NEWSWIRE) -- Gainey McKenna & Egleston announces that a class action lawsuit has been filed against Intelligent Systems Corporation (“Intelligent” or the “Company”) (NYSE: INS) in the United States District Court for the Eastern District of New York on behalf of those who purchased or acquired the securities of Intelligent between January 23, 2019 through May 29, 2019, inclusive (the “Class Period”), seeking to recover damages caused by Defendants’ violations of the federal securities laws and to pursue remedies under Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 (the “Exchange Act”) and Rule 10b-5 promulgated thereunder.

The Complaint alleges that Defendants made false and/or misleading statements and/or failed to disclose that: (a) Defendant Petit, the “financial expert” on Intelligent Systems’ Audit Committee, engaged in accounting fraud as the CEO of MiMedx Group, Inc.; (b) Intelligent Systems’ CEO, Defendant Strange, engaged in undisclosed related-party transactions with Defendant Petit and others and had an undisclosed personal relationship with the Company’s auditor; (c) Intelligent Systems had its employees set up or take control of shell companies in Asia so they could partake in undisclosed related-party transactions for the purpose of either fabricating revenue for the Company and/or siphoning money out of the Company; and (d) as a result, Defendants’ statements about the Company’s business, operations, and prospects were materially false and/or misleading and/or lacked a reasonable basis at all relevant times.

Investors who purchased or otherwise acquired shares during the Class Period should contact the Firm prior to the September 9, 2019 lead plaintiff motion deadline.  A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation.  If you wish to discuss your rights or interests regarding this class action, please contact Thomas J. McKenna, Esq. or Gregory M. Egleston, Esq. of Gainey McKenna & Egleston at (212) 983-1300, or via e-mail at tjmckenna@gme-law.com or gegleston@gme-law.com.

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