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Shareholder Sues Utah's International Automated Systems Inc.(Originated from The Salt Lake Tribune)
Knight Ridder/Tribune Business News, July, 1996 by Oberbeck, Steven
Jul. 10--A tiny American Fork company that promised a communications revolution is being sued by a shareholder after it failed to deliver on its pledge to publicly demonstrate a breakthrough technology last month in Provo.
Edouard Serfaty, an International Automated Systems Inc. stockholder from Fountain Valley, Calif., has filed a proposed class-action lawsuit against the company for alleged securities fraud in the U.S. District Court for Utah.
He charges IAS and its president, Neldon Johnson, with driving up the stock price by issuing false statements about a purportedly new and ground-breaking technology called "Digital Wave Modulation."
IAS, a company that has generated sales of $12,000 since incorporation in 1987, claimed its technology would...
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