Pomerantz LLP announces that a class action lawsuit has been filed
against Quantum Corporation (“Quantum” or the “Company”)
QTM, -5.54%
and
certain of its officers. The class action, filed in United States
District Court, for the Northern District of California, is on behalf of
a class consisting of investors who purchased or otherwise acquired
Quantum securities, seeking to recover compensable damages caused by
defendants’ violations of the Securities Exchange Act of 1934.
If you are a shareholder who purchased Quantum securities between July
27, 2016, and February 7, 2018, both dates inclusive, you have until
April 16, 2018, to ask the Court to appoint you as Lead Plaintiff for
the class. A copy of the Complaint can be obtained at www.pomerantzlaw.com.
To discuss this action, contact Robert S. Willoughby at rswilloughby@pomlaw.com
or 888.476.6529 (or 888.4-POMLAW), toll-free, Ext. 9980. Those who
inquire by e-mail are encouraged to include their mailing address,
telephone number, and the number of shares purchased.
[Click
here to join this class action]
Quantum sells scale-out tiered storage, archive and data protection
solutions for capturing, sharing, managing and preserving digital assets
in physical and virtual environments. Among other products, Quantum
provides storage file systems, nearline storage systems, backup, and
deduplication appliances, tape libraries, and cloud services.
The Complaint alleges that throughout the Class Period, Defendants made
materially false and misleading statements regarding the Company’s
business, operational and compliance policies. Specifically, Defendants
made 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) that as a
result of the foregoing, Quantum’s publicly disseminated financial
statements were materially false and misleading.
On February 8, 2018, before trading had opened, Quantum disclosed that
it had received a subpoena from the Securities and Exchange Commission
on January 11, 2018 “regarding its accounting practices and internal
controls related to revenue recognition for transactions commencing
April 1, 2016,” prompting an internal investigation by Quantum’s audit
committee, which remains ongoing. As a result, the Company further
announced that it would postpone the release of its fiscal third quarter
2018 results and earnings call.
On this news, Quantum’s share price plunged 29.9% to close at $3.90 on
February 8, 2018, causing millions of dollars in losses to investors.
The Pomerantz Firm, with offices in New York, Chicago, Los Angeles, and
Paris, is acknowledged as one of the premier firms in the areas of
corporate, securities, and antitrust class litigation. Founded by the
late Abraham L. Pomerantz, known as the dean of the class action bar,
the Pomerantz Firm pioneered the field of securities class actions.
Today, more than 80 years later, the Pomerantz Firm continues in the
tradition he established, fighting for the rights of the victims of
securities fraud, breaches of fiduciary duty, and corporate misconduct.
The Firm has recovered numerous multimillion-dollar damages awards on
behalf of class members. See www.pomerantzlaw.com
View source version on businesswire.com: https://www.businesswire.com/news/home/20180407005009/en/
SOURCE: Pomerantz LLP
Pomerantz LLP
Robert S. Willoughby, 888-476-6529 Ext. 9980
rswilloughby@pomlaw.com
Copyright Business Wire 2018