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Public Companies : Consumer


Johnson & Perkinson Announces Commencement of Class Action Litigation Naming Force Protection, Inc.

Apr 11, 2008 - 3:36:01 PM

News Source MARKET WIRE

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SOUTH BURLINGTON, VT -- (MARKET WIRE) -- 04/11/08 -- Johnson & Perkinson hereby announcesthe commencement of a class action lawsuit naming Force Protection, Inc.("Force Protection" or the "Company") (NASDAQ: FRPT) and certain officersof the Company. The action was filed in the United States District Courtfor the District of South Carolina. Individuals, families, trusts or otherentities that purchased Force Protection common stock between August 14,2006 and February 29, 2008, inclusive, have the opportunity to participateas Lead Plaintiffs in the currently pending class action litigation againstthe Company. To do so, you must apply to serve in that capacity by May 9,2008.

Johnson & Perkinson, a law firm based in South Burlington, Vermont, hasextensive experience prosecuting investor class actions and actionsinvolving financial fraud. Attorneys Johnson and Perkinson are both formeremployees of the Securities and Exchange Commission. Dedicated tomaximizing shareholder return, members of Johnson & Perkinson haveprosecuted complex class actions alleging securities or consumerfraud/deception on behalf of investors/consumers against numerous publiccompanies since 1985, resulting in the recovery of many hundreds ofmillions of dollars, and have been singled out for excellence by variouscourts. The firm is litigating, or has recently resolved litigation, asLead or Co-Lead Counsel in securities class actions against Xerox,Priceline, Wireless Facilities, i2 and Xchange, and serves on the ExecutiveCommittee in the Global Crossing case.

The complaint alleges that prior to and during the Class Period, defendantscontinually boasted that Force Protection's dominance in the Mine ResistantAmbush Protected ("MRAP") vehicles market was due to its superior productdesign and rapid delivery rates. In June 2007, the Inspector General ofthe Department of Defense questioned both of these claims and criticizedthe awarding of contracts to Force Protection on a sole source basis andwithout competitive bidding. The report noted that there were other U.S.companies that could have competed with Force Protections on both productcapability and faster delivery schedules. The complaint further allegesthe following true facts, which were known by the defendants but concealedfrom the investing public during the class period: (1) as a result of theCompany's ongoing problems in meeting contractual delivery deadlines, theCompany would have trouble competing in the MRAP market; (2) in auditreports, the Defense Contract Audit Agency had been critical of theCompany's finances and financial accounting system, which threatened theCompany's eligibility to compete for government contracts; (3) theCompany's accounting department suffered from material weaknesses anddeficiencies and lacked the necessary staff and resources to perform itsrequired functions; (4) contrary to the representations contained in theCompany's SEC filings, the Company's internal controls were inadequate andeasily manipulated, and, as a result, multiple areas of the Company'sinternal controls suffered serious deficiencies; (5) the Company lackedeffective internal controls in its financial reporting process, required toenable it to properly analyze and/or estimate Force Protection's futurefinancial and operational performance; (6) defendants had caused theCompany to falsely report at least its third quarter 2007 financialresults.

If you wish to discuss this action or have any questions concerning thisannouncement or your rights or interests with respect to these matters,please contact Johnson & Perkinson attorneys James F. Conway, III or EbenF. Duval toll free at 1-888-459-7855; via email at email@jpclasslaw.com;through our website at www.jpclasslaw.com; or by mail at Johnson &Perkinson, 1690 Williston Road, P.O. Box 2305, South Burlington, Vermont05403. Attorneys at Johnson & Perkinson can help you decide if seekingappointment as a Lead Plaintiff is right for you. Your ability to share inany recovery is not affected by your decision to not seek appointment as aLead Plaintiff.

Contact:
James F. Conway, III
or
Eben F. Duval
802-862-0030
Email Contact



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