On May 22, 2000, the law firm Cauley & Geller LLP filed a Class Action Complaint in the U.S. District Court on behalf of Purchasers of On-Point Technology Systems Inc. stock between May 19, 1997 through February 22, 2000. The law firm has substantial experience with securities fraud class action lawsuits.
The complaint is aimed at On-Point's president and chief executive officer, Frederick Sandvick, other employees of On-Point, and Deloitte & Touche LLP. The allegation is that these parties violated securities laws by employing improper accounting techniques to artificially inflate On-Point's revenue and profits.
Financial results for 1997 and 1998 were incorrect and were recently restated in April 2000. Further allegations include that the financials were given unqualified audit reports by Deloitte & Touche.
Individuals looking to recover losses or to serve as a plaintiff in this lawsuit are encouraged to call the law firm by July 20, 2000.