BOSTON, Feb. 14, 2018 (GLOBE NEWSWIRE) -- Block & Leviton LLP (www.blockesq.com), a securities litigation firm representing investors nationwide, announces that it has filed a class action against Quantum Corporation (“Quantum” or the “Company”) (NYSE:QTM) and certain of its officers and directors alleging violations of the federal securities laws. Quantum shareholders are encouraged to contact Block & Leviton using the information below ahead of the April 16, 2018 lead plaintiff filing deadline.
On February 8, 2018, Quantum disclosed that in January of 2018, the Company received a subpoena from the Securities and Exchange Commission (SEC) 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.” On this news, Quantum’s stock fell dramatically causing millions of dollars in losses to investors.
The complaint, filed in in the United States District Court for the Northern District of California (Lazan v. Quantum Corporation, et al., No. 5:18-cv-00923) alleges that between July 27, 2016 through February 7, 2018 inclusive (the “Class Period”), Quantum and certain of its executives misrepresented the Company’s financial results. Specifically, the complaint alleges that 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.
If you purchased Quantum stock during the Class Period and wish to serve as a lead plaintiff, you must move the Court no later than April 16, 2018. As a member of the class, you may seek to file a motion to serve as a lead plaintiff or take no action and remain an absent class member. If you wish to become involved in the litigation or have questions about your legal rights, you are encouraged to contact attorney Bradley Vettraino at (617) 398-5600, by email at bradley@blockesq.com, or by visiting www.blockesq.com/quantum.
Confidentiality to whistleblowers or others with information relevant to this investigation is assured.
Block & Leviton LLP is a Boston-based law firm representing investors nationwide. The firm's lawyers have collectively been prosecuting securities cases on behalf of individual and institutional investors for over 50 years, and have recovered billions of dollars on their behalf. Block & Leviton's investigations into corporate wrongdoing were recently covered by the New York Times.
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CONTACT:
Block & Leviton LLP
Bradley J. Vettraino
155 Federal Street, Suite 400
Boston, MA 02110
(617) 398-5600
bradley@blockesq.com