A lawsuit was filed on behalf of investors in Quantum Corp (NYSE:QTM) shares over alleged securities laws violations.
San Diego, CA -- (SBWIRE) -- 03/05/2018 -- An investor, who purchased shares of Quantum Corp (NYSE:QTM), filed a lawsuit over alleged violations of Federal Securities Laws by Quantum Corp.
Investors who purchased shares of Quantum Corp (NYSE:QTM) have certain options and for certain investors are short and strict deadlines running. Deadline: April 16, 2018. NYSE:QTM investors should contact the Shareholders Foundation at email@example.com or call +1(858) 779 - 1554.
On February 8, 2018, Quantum Corp announced that it received a subpoena from the Securities and Exchange Commission ("SEC") on January 11, 2018 regarding its accounting practices and internal controls related to revenue recognition for transactions commencing April 1, 2016. Quantum Corp further stated it was postponing the release of its fiscal third quarter 2018 results and earnings conference call so that its audit committee could complete an investigation into Quantum's accounting matters and related internal controls. Shares of Quantum Corp (NYSE: QTM) declined on February 8, 2018 to as low as $3.42 per share.
According to the complaint the plaintiff alleges on behalf of purchasers of Quantum Corp (NYSE:QTM) common shares between May 10, 2016 and February 7, 2018, that the defendants violated Federal Securities Laws. More specifically, the plaintiff claims that between May 10, 2016 and February 7, 2018, the Defendants failed to disclose that Quantum Corp was inappropriately recognizing certain revenues since at least April 2016, that Quantum Corp lacked adequate controls over accounting and financial reporting, that as a result Quantum Corp was subject to increased regulatory scrutiny and potential fines, and that, as a result of the foregoing, Defendants' statements about Quantum' business, operations, and prospects, were materially false and/or misleading and/or lacked a reasonable basis.
Those who purchased shares of Quantum Corp (NYSE:QTM) have certain options and should contact the Shareholders Foundation.
Shareholders Foundation, Inc.
3111 Camino Del Rio North - Suite 423
92108 San Diego