A lawsuit was filed on behalf of investors in International Business Machines Corporation (NYSE:IBM) shares over alleged securities laws violations.
San Diego, CA -- (SBWIRE) -- 04/22/2022 -- An investor, who purchased shares of International Business Machines Corporation (NYSE: IBM), filed a lawsuit over alleged violations of Federal Securities Laws by International Business Machines Corporation.
Investors who purchased shares of International Business Machines Corporation (NYSE: IBM) have certain options and for certain investors are short and strict deadlines running. Deadline: June 6, 2022. NYSE: IBM investors should contact the Shareholders Foundation at email@example.com or call +1(858) 779 - 1554.
On October 20, 2021, IBM announced its results for its third quarter of 2021. The Company announced total revenues for the quarter of $17.62 billion, a shortfall of $191.84 million based on analyst estimates. IBM announced that the Cloud & Cognitive Software segment had revenues of $5.69 billion, compared to approximately $80 million based on analyst estimates of $5.77 billion.
The over 42% of the shortfall of approximately $190 million was attributable to Cloud & Cognitive Software (including IBM's Watson business), the segment where most of the strategic revenue produced by the Company's reclassification of revenues from non-strategic to strategic historically went.
Shares of International Business Machines Corporation (NYSE: IBM) declined from $138.57 per share on October 18, 2021, to as low as $114.56 per share on November 26, 2021.
The plaintiff claims that between April 4, 2017, and October 20, 2021, the Defendants overstated IBM's revenues from its strategic side of the business, by misclassifying and/or shifting revenues from its non-strategic mainframe part of the business, to appease market expectations about the Company's future prospects and boost incentive compensation for its executives
Those who purchased shares of International Business Machines Corporation (NYSE: IBM) have certain options and should contact the Shareholders Foundation.
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