THQ Inc. (NASDAQ:THQI) Investor Files Lawsuit over Alleged Misleading Statements

A lawsuit was filed for certain investors in NASDAQ:THQI shares over alleged securities laws violations by THQ Inc. Deadline: August 14, 2012. NASDAQ:THQI investors should contact the Shareholders Foundation.

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San Diego, CA -- (SBWire) -- 06/18/2012 --An investor in NASDAQ:THQI files a lawsuit in the U.S. District Court for the Central District of California against THQ Inc. over alleged Violations of Federal Securities Laws in connection with certain statements over its uDraw GameTablet.

Investors who purchased THQ Inc. (NASDAQ:THQI) common stock during the period between May 3, 2011 and February 3, 2012, have certain options and there are strict and short deadlines running. Deadline: August 14, 2012. NASDAQ:THQI 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 THQ Inc. (NASDAQ:THQI) common stock during the period between May 3, 2011 and February 3, 2012, that THQ Inc. and certain of its certain of its officers and directors violated the Securities Exchange Act of 1934 by issuing materially false and misleading statements regarding the Company’s business and prospects.

THQ Inc. reported that its Total Revenue rose from $665.26million for the 12months period ending on March 31, 2011 to $830.84million for the 12months period ending on March 31, 2012. However, its Net Loss over the same time periods increased from $136.10million to $239.95million.

On December 7, 2011, THQ Inc. updated its outlook for the 2012 fiscal third quarter, ended December 31, 2011. For the quarter, THQ Inc. expected to report net sales of approximately 25% below its previously announced guidance of $510 million to $550 million, due to “weaker-than-expected initial sales of its uDraw GameTablet for Xbox 360 and PlayStation 3.”

Then on February 2, 2012, THQ Inc. (NASDAQ:THQI) reported financial results for the third quarter ended December 31, 2011. Among other things, THQ Inc., said that it is exiting development of traditional kids’ licensed console games and has no future commitments or plans to manufacture uDraw hardware.

Shares of THQ Inc. (NASDAQ:THQI) have lost substantial value. Over the past 12 months NASDAQ:THQI shares fell from as high as $3.59 per share on June 29, 2011 to recently $0.64 per share.

On Jun e15, 2012, NASDAQ:THQI shares closed at $0.69 per share, significantly less than its current 52weekHigh of $3.67 per share.

Those who purchased THQ Inc. (NASDAQ:THQI) common stock during the period between May 3, 2011 and February 3, 2012, have certain options and there are strict and short deadlines running. Deadline: August 14, 2012. NASDAQ:THQI investors should contact the Shareholders Foundation.

Contact:
Shareholders Foundation, Inc.
Jacob Rosenfeld
3111 Camino Del Rio North - Suite 423
92108 San Diego
Phone: +1-(858)-779-1554
Fax: +1-(858)-605-5739
mail@shareholdersfoundation.com

Media Relations Contact

Jacob Rosenfeld
CR and Media Manager
Shareholders Foundation, Inc.
858-779-1554
http://www.ShareholdersFoundation.com

View this press release online at: http://rwire.com/148964