The complaint claims ModusLink misled investors because it failed to disclose that the Company’s accounting for rebates was improper.
On June 11, 2012, ModusLink announced that it will restate financial results going back to 2007 and that its Audit Committee investigation found that certain client contracts were consistently misaligned with the Company’s practice of retaining volume discounts.
Shares of ModusLink fell 34.47% in reaction to the news.
ModusLink also said the Securities and Exchange Commission had launched an inquiry into these matters, and that its Chief Executive Officer, Joseph C. Lawler, resigned from his position.
If you purchased ModusLink shares during the Class Period you may, no later than August 13, 2012, request that the Court appoint you lead plaintiff of the proposed class. A lead plaintiff is a class member that represents other class members in directing the litigation. Your share in any recovery will not be affected by serving as a lead plaintiff, however, lead plaintiffs make important decisions that could affect the overall recovery for class members. You do not need to be a lead plaintiff to recover. You may retain Milberg LLP, or other attorneys, for this action, but do not need to retain counsel to recover. If this action is certified as a class action, class members will be automatically represented by Court-appointed counsel. The complaint in this action was not filed by Milberg.
If you would like to learn more about this potential matter, please fill out the form on the right or contact the following attorney:
Andrei Rado, Esq.
One Pennsylvania Plaza, 49th Fl.
New York, NY 10119-0165
Phone number: (800) 320-5081
Milberg LLP has been representing consumers and investors for more than four decades and serves as lead counsel in federal and state courts throughout the United States. .
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