San Diego, CA -- (SBWire) -- 09/04/2018 --Certain directors of Zebra Technologies Corp. are under investigation over potential breaches of fiduciary duties.
Investors who purchased shares of Zebra Technologies Corp. (NASDAQ:ZBRA) have certain options and should contact the Shareholders Foundation at mail@shareholdersfoundation.com or call +1(858) 779 - 1554.
The investigation by a law firm concerns whether certain Zebra Technologies directors breached their fiduciary duties and caused damage to the company and its shareholders.
On May 10, 2016, before the open of trading, Zebra Technologies Corp. announced its financial results for its first quarter of 2016, stating that "first quarter results [were] below . . . expectations, with lower sales and earnings reflecting the continuation of a cautious enterprise spending environment."
Also on May 10, 2016, Zebra filed its quarterly report on Form 10-Q with the SEC for the first quarter of 2016, which confirmed that Zebra had found defects in its internal controls in 2015 that had impaired its ability to accurately forecast its pretax income and deferred taxes. Shares of Zebra Technologies Corp. dropped more than $11 per share, from a close of $62.58 per share on May 9, 2016 to close at $51.46 per share on May 10, 2016
On November 1, 2016, Zebra Technologies Corp acknowledged that it was required to restate the "known errors" made in its previously-issued financial statements for the fiscal year ended December 31, 2015, as well as the quarterly periods ended April 2, 2016, and July 2, 2016.
On July 2017 a lawsuit was filed against Zebra Technologies Corp over alleged securities laws violations. According to the complaint the plaintiff alleges on behalf of purchasers of Zebra Technologies Corp. (NASDAQ:ZBRA) common shares between March 17, 2015 and May 9, 2016, that the defendants violated Federal Securities Laws. More specifically, the plaintiff claims that between March 17, 2015 and May 9, 2016, the defendants failed to disclose that Zebra Technologies had understated its income taxes through the end of 2015, underaccrued certain 2015 estimates, in particular with respect to its sales commission plan, and overstated the net realizable value of trade receivables acquired in connection with the Company's acquisition of Motorola's Enterprise division.
The plaintiff further alleges that Zebra Technologies Corp. also failed to disclose the impact of material weaknesses identified in its internal controls and procedures over financial reporting and disclosure, which caused the misstatements and rendered the Company's financial guidance for 2015 and the first and second quarters of 2016 materially false and misleading.
Lincolnshire, IL based Zebra Technologies Corporation designs, manufactures and sells a range of automatic identification and data capture (AIDC) products.
Those who purchased shares of Zebra Technologies Corp. (NASDAQ:ZBRA) have certain options and should contact the Shareholders Foundation.
Contact:
Shareholders Foundation, Inc.
Michael Daniels
3111 Camino Del Rio North - Suite 423
92108 San Diego
Phone: +1-(858)-779-1554
Fax: +1-(858)-605-5739
mail@shareholdersfoundation.com
The Shareholders Foundation, Inc. is a professional portfolio monitoring and settlement claim filing service, , which does research related to shareholder issues and informs investors of securities class actions, settlements, judgments, and other legal related news to the stock/financial market. Shareholders Foundation, Inc. is in contact with a large number of shareholders and offers help, support, and assistance for every shareholder. The Shareholders Foundation, Inc. is not a law firm. Referenced cases, investigation, and/or settlements are not filed/reached and/or related to Shareholders Foundation. The information is provided as a public service. It is not intended as legal advice and should not be relied upon.
NASDAQ:ZBRA Shareholder Notice: Investigation over Potential Wrongdoing at Zebra Technologies Corp
An investigation on behalf of investors in Zebra Technologies Corp. (NASDAQ:ZBRA) shares over potential wrongdoing at Zebra Technologies Corp. was announced and NASDAQ:ZBRA stockholders should contact the Shareholders Foundation.