A lawsuit was filed on behalf of investors in Electronic Arts Inc. (NASDAQ:EA) shares over alleged securities laws violations. Deadline: February 17, 2014. NASDAQ:EA investors should contact the Shareholders Foundation.
San Diego, CA -- (SBWIRE) -- 12/18/2013 -- An investor, who purchased shares of Electronic Arts Inc. (NASDAQ:EA), filed a lawsuit in the U.S. District Court for Northern District of California over alleged violations of Federal Securities Laws by Electronic Arts Inc. in connection with certain allegedly false and misleading statements made between July 24, 2013 and December 4, 2013.
Investors who purchased a significant amount of shares of Electronic Arts Inc. (NASDAQ:EA) between July 24, 2013 and December 4, 2013, and/or those who purchased NASDAQ:EA shares prior to July 2013 and currently hold any of those shares, have certain options and for certain investors are short and strict deadlines running. Deadline: February 17, 2014. NASDAQ:EA investors should contact the Shareholders Foundation at firstname.lastname@example.org or call +1(858) 779 - 1554
According to the complaint the plaintiff alleges on behalf of all persons or entities who purchased or otherwise acquired Electronic Arts Inc. (NASDAQ:EA) between July 24, 2013 and December 4, 2013, that Electronic Arts Inc. and certain of its officers and directors violated the Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 and Rule 10b-5 promulgated thereunder.
More specifically, the plaintiff alleges that defendants issued allegedly materially false and misleading statements highlighting the purported strength of the Company's rollout of version 4 of its Battlefield video game series, which had provided approximately 11% of its revenues in fiscal 2012. The plaintiff claims that based on the purported strength of the Battlefield 4 rollout then underway, defendants issued strong fiscal 2014 financial guidance for Electronic Arts Inc and actually increased that guidance on October 29, 2013.
The plaintiff says that on November 15, 2013, the day Sony released its new Play Station 4 console, it was disclosed that players of Electronic Arts Inc’s games were being subjected to multiple glitches and significant crashes when attempting to play Electronic Arts Inc’s titles on Play Station 4.
Furthermore the plaintiff claims that on December 4, 2013, it was disclosed through discussions defendants had with video game bloggers that due to bugs, connectivity issues, server limitations, and various other problems plaguing Battlefield 4, Electronic Arts Inc. had been allegedly forced to halt the Battlefield 4 rollout and other projects until the problems with Battlefield 4 could be fixed.
Shares of Electronic Arts Inc. declined from almost $28 in September 2013 to as low as $20.54 per share on December 5, 2013.
On December 17, 2013, NASDAQ:EA shares closed at $22.75 per share.
Those who purchased shares of Electronic Arts Inc. (NASDAQ:EA) have certain options and should contact the Shareholders Foundation.
Shareholders Foundation, Inc.
3111 Camino Del Rio North - Suite 423
92108 San Diego