According to the lawsuit, throughout the Class Period, Defendants made false and/or misleading statements, as well as failed to disclose material adverse facts about the Company’s business, operations, and prospects. Specifically, Defendants failed to disclose to investors:
- that the Company had engaged in “bill and hold transactions” with customers;
- that these transactions were not reported pursuant to generally accepted accounting principles (“GAAP”);
- that, “as a result of apparent errors primarily related to revenue recognition associated with bill and hold transactions” the Company lacked a reasonable basis to report certain financial results and was reasonably likely to restate its financial statements; and
- that, as a result of the foregoing, Defendant’s positive statements about the Company’s business, operations, and prospects were materially misleading and/or lacked a reasonable basis.
No Class Has Been Certified. Until a class is certified, you are not represented by counsel unless you retain one. You may select counsel of your choice. You may also remain an absent class member and do nothing at this point. An investor’s ability to share in any potential future recovery is not dependent upon serving as lead plaintiff.
Attorney Advertising. Prior results do not guarantee a similar outcome.