San Diego, CA -- (SBWIRE) -- 07/17/2012 -- An investigation on behalf of investors in QUANTUM CORP (NYSE:QTM) shares over potential securities laws violations by certain officers and directors at QUANTUM CORP in connection with certain financial statements was announced.
Investors who purchased shares of QUANTUM CORP (NYSE:QTM), have certain options and should contact the Shareholders Foundation at mail(at)shareholdersfoundation.com or call +1(858) 779 - 1554.
The investigation by a law firm focuses on possible claims on behalf of purchasers of the securities of QUANTUM CORP (NYSE:QTM) concerning whether the company, certain of its officers and directors, or others have possibly violated federal securities laws. Specifically, the investigation concerns whether certain statements about QUANTUM‘s business, its prospects and its operations were potentially materially false and misleading at the time they were made.
Quantum’s Total Revenue fell from $681.43million for the 12months period ending on March 31, 2010 to $652.37million for the 12months period ending on March 31, 2012.
Its Net Income of $16.63million for the 12months period ending on March 31, 2010 fell to a Net Loss of $8.81millio for the 12months period ending on March 31, 2012.
Shares of Quantum Corp (NYSE:QTM) grew from as low as $0.12 per share in November 2008 to as high as $4.30 per share in January 2011.
On July 9, 2012, after the market closed, Quantum Corp (NYSE:QTM) announced its preliminary results for its fiscal first quarter ending on June 30, 2012.
Quantum Corp (NYSE:QTM) said that it expects revenue of approximately $141 million, a GAAP net loss per share of approximately 7-8 cents and a non-GAAP net loss per share of approximately 3-4 cents, below the levels Quantum anticipated when it provided FQ1'13 guidance in its last earnings announcement on May 9, 2012.
Quantum Corp (NYSE:QTM) said the shortfall is primarily due to lower-than-expected revenue in Europe and challenges closing large deals across all regions in the last few weeks of the quarter.
NYSE:QTM shares dropped from $2.10 on July 9, 2012, to $1.355 per share on July 11, 2012.
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