A lawsuit was filed for certain investors in shares of Polycom Inc (NASDAQ:PLCM) over alleged securities laws violations. Deadline: September 24, 2013. NASDAQ:PLCM stockholders should contact the Shareholders Foundation at firstname.lastname@example.org
San Diego, CA -- (SBWIRE) -- 07/29/2013 -- An investor, who purchased shares of Polycom Inc (NASDAQ:PLCM) filed a lawsuit in the U.S. District Court for the Northern District of California over alleged violations of Federal Securities Laws by Polycom Inc in connection with certain allegedly false and misleading statements made between July 24, 2012 and June 23, 2013.
Investors who purchased a significant amount of shares of Polycom Inc (NASDAQ:PLCM) between July 24, 2012 and June 23, 2013, and / or those who purchased NASDAQ:PLCM shares prior to July 2012 and currently hold any of those shares, have certain options and for certain investors are short and strict deadlines running. Deadline: Sept. 24, 2013. NASDAQ:PLCM investors should contact the Shareholders Foundation at mail(at)shareholdersfoundation.com or call +1(858) 779 - 1554.
According to the complaint the plaintiff alleges on behalf of purchasers of Polycom Inc (NASDAQ:PLCM) common stock during the period between July 24, 2012 and June 23, 2013, that Polycom Inc and certain of its officers and directors violated Federal Securities Laws pursuant to 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 made false and/or misleading statements and/or failed to disclose that Polycom’s CEO had been submitting inappropriate and irregular expense submissions, that Polycom’s CEO was violating the Company's code of conduct and was subject to dismissal at all relevant times, that Polycom Inc did not have effective internal controls over their business operations, that the CEO's improper conduct created a risk that he would be terminated from Polycom Inc, jeopardizing the Company's future success, and that as a result of the above, Polycom’s financial statements were materially false and misleading at all relevant times.
Polycom Inc reported that its annual Total Revenue declined from over $1.4 billion in 2011 to $1.39 billion in 2012 and that its respective Net Income declined from $135.81 million to $9.76 million.
Shares of Polycom Inc (NASDAQ:PLCM) declined from $21.79 per share in February 2012 to a $9.12 per share in February 2013.
On July 23, 2013, Polycom Inc reported its financial results for the second quarter ended June 30, 2013. Among other things, Polycom Inc also announced the appointment of Kevin Parker as Interim Chief Executive Officer.
Polycom Inc said that Mr. Parker replaces Andrew Miller who resigned as Chief Executive Officer, President and a member of the Board of Directors on July 19, 2013, after the Audit Committee of the Board of Directors found certain irregularities in Mr. Miller’s expense submissions, for which Mr. Miller accepted responsibility.
Shares of Polycom Inc (NASDAQ:PLCM) declined from $11.70 per share in Monday 22, 2013, to $9.37 per share in July 25, 2013.
On July 26, 2013, NASDAQ:PLCM shares closed at $9.59 per share.
Those who purchased a significant amount of shares of Polycom Inc (NASDAQ:PLCM) between July 24, 2012 and June 23, 2013, and / or those who purchased NASDAQ:PLCM shares prior to July 2012 and currently hold any of those shares, have certain options and should contact the Shareholders Foundation.
Shareholders Foundation, Inc.
3111 Camino Del Rio North - Suite 423
92108 San Diego