A lawsuit was filed against directors of ModusLink Global Solutions, Inc. over alleged breaches of fiduciary duties and other current long-term NASDAQ:MLNK stockholders are encouraged to contact the Shareholders Foundation.
San Diego, CA -- (SBWIRE) -- 03/27/2013 -- The announcement by ModusLink Global Solutions, Inc. that it would need to restate certain financial results followed by a substantial stock price decline prompted a lawsuit filed by a current investor in NASDAQ:MLNK shares. The plaintiff alleges that the defendants breached their fiduciary duties.
Investors who are current long-term stockholders in shares of ModusLink Global Solutions, Inc. (NASDAQ:MLNK) have certain options and you should contact the Shareholders Foundation at mail(at)shareholdersfoundation.com or call +1(858) 779 - 1554.
More specifically, the plaintiff alleges that the defendants breached their fiduciary duties owed to NASDAQ:MLNK stockholders in connection with certain financial statements. The lawsuit against directors over alleged breaches of fiduciary duties was filed after another lawsuit was filed against ModusLink Global Solutions, Inc. over alleged violations of the Securities Exchange Act of 1934.
On June 11, 2012, ModusLink Global Solutions, Inc. had announced that it will delay the filing of the third quarter FY 2012 results and that it expects to restate its financial results from FY 2007 through first two quarters of the FY 2012. Furthermore, ModusLink Global Solutions, Inc. said that its President and CEO retired effective immediately upon the appointment of a new chief executive officer and its president, global operations for ModusLink left the company effective immediately.
NASDAQ:MLNK shares declined from as high as $5.95 per share in February 2012 to as low as $2.72 per share in June 2012.
On October 15, 2012 and December 10, 2012, ModusLink Global Solutions, Inc. provided updates on the restatement process.
On Jan. 11, 2013, ModusLink Global Solutions, Inc. announced that it filed with the Securities and Exchange Commission (SEC) an annual report on Form 10-K for the fiscal year ended July 31, 2012, which includes a restatement of the Company's financial statements for fiscal years 2009 through 2011 and unaudited selected financial data for fiscal years 2007 and 2008, as well as unaudited interim financial statements for the four fiscal quarters of each of 2010 and 2011, and the first two quarters of fiscal 2012.
NASDAQ:MLNK shares declined on Jan. 28, 2013, to as low as $2.19 per share.
Those who are current long-term investors in shares of ModusLink Global Solutions, Inc. (NASDAQ:MLNK) have certain options and you should contact the Shareholders Foundation.
Shareholders Foundation, Inc.
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