Questions? +1 (202) 335-3939 Login
Trusted News Since 1995
A service for global professionals · Thursday, March 28, 2024 · 699,457,771 Articles · 3+ Million Readers

The Klein Law Firm Reminds Investors of Commencement of a Class Action Filed on Behalf of Quantum Corporation Shareholders and a Lead Plaintiff Deadline of April 16, 2018 (QTM)

NEW YORK, March 21, 2018 (GLOBE NEWSWIRE) -- The Klein Law Firm announces that a class action complaint has been filed on behalf of shareholders of Quantum Corporation (NYSE:QTM) who purchased shares between May 10, 2016 and February 7, 2018. The action, which was filed in the United States District Court for the Northern District of California, alleges that the Company violated federal securities laws.

In particular, the complaint alleges that throughout the Class Period, defendants made materially false and/or misleading statements and/or failed to disclose that (i) Quantum had inappropriately accounted for revenue relating to certain transactions commencing April 1, 2016; (ii) the Company lacked adequate internal controls over financial reporting; and (iii) as a result of the foregoing, Quantum’s publicly disseminated financial statements were materially false and misleading. On February 8, 2018, Quantum disclosed that in January of 2018, the Company received a subpoena from the Securities and Exchange Commission related to revenue recognition for certain transactions, prompting an internal investigation by Quantum, which remains ongoing. As a result, the Company announced that it "is postponing release of its fiscal third quarter 2018 results and its earnings conference call."

Shareholders have until April 16, 2018 to petition the court for lead plaintiff status. Your ability to share in any recovery does not require that you serve as lead plaintiff. You may choose to be an absent class member.

If you suffered a loss during the class period and wish to obtain additional information, please contact Joseph Klein, Esq. by telephone at 212-616-4899 or visit http://www.kleinstocklaw.com/pslra-c/quantum-corporation?wire=3.

Joseph Klein, Esq. represents investors and participates in securities litigations involving financial fraud throughout the nation. Attorney advertising. Prior results do not guarantee similar outcomes.

CONTACT:
Joseph Klein, Esq.
Empire State Building
350 Fifth Avenue
59th Floor
New York, NY 10118
Telephone: (212) 616-4899
Fax: (347) 558-9665
www.kleinstocklaw.com

Primary Logo

Powered by EIN News
Distribution channels: Consumer Goods, Law


EIN Presswire does not exercise editorial control over third-party content provided, uploaded, published, or distributed by users of EIN Presswire. We are a distributor, not a publisher, of 3rd party content. Such content may contain the views, opinions, statements, offers, and other material of the respective users, suppliers, participants, or authors.

Submit your press release