SAN DIEGO--(BUSINESS WIRE)--Robbins Geller Rudman & Dowd LLP (“Robbins Geller”) (http://www.rgrdlaw.com/cases/polycom/) today announced that a class action has been commenced in the United States District Court for the Northern District of California on behalf of purchasers of Polycom, Inc. (“Polycom”) (NASDAQ:PLCM) publicly traded securities during the period between July 24, 2012 and July 23, 2013 (the “Class Period”).
If you wish to serve as lead plaintiff, you must move the Court no later than 60 days from July 26, 2013. If you wish to discuss this action or have any questions concerning this notice or your rights or interests, please contact plaintiff’s counsel, Darren Robbins of Robbins Geller at 800/449-4900 or 619/231-1058, or via e-mail at firstname.lastname@example.org. If you are a member of this class, you can view a copy of the complaint as filed or join this class action online at http://www.rgrdlaw.com/cases/polycom/. Any member of the putative class may move the Court to serve as lead plaintiff through counsel of their choice, or may choose to do nothing and remain an absent class member.
The complaint charges Polycom and its former Chief Executive Officer with violations of the Securities Exchange Act of 1934. Polycom is a San Jose-based provider of unified communications solutions and a provider of telepresence, video, voice and infrastructure solutions based on open standards.
The complaint alleges that during the Class Period, defendants issued materially false and misleading statements regarding the Company’s controls and business practices. Specifically, defendants failed to disclose that the Company maintained inadequate controls to prevent its officers from submitting improper expense reimbursements, and that Andrew M. Miller, its Chief Executive Officer (“CEO”), was in fact submitting improper reimbursement requests. As a result of these false statements, Polycom stock traded at artificially inflated prices during the Class Period, reaching a high of $12.01 per share in intraday trading on September 14, 2012.
On July 23, 2013, Polycom announced in a regulatory filing that Miller had stepped down as CEO, President and a director after accepting responsibility for certain irregularities in his expense submissions, after Polycom’s Audit Committee, on July 17, 2013, had completed “a review of certain of Mr. Miller’s expense submissions” and found “certain irregularities in these submissions.” On this news, the price of Polycom stock declined by 15%, closing at $9.49 per share on July 24, 2013, down $1.69 per share.
Plaintiff seeks to recover damages on behalf of all purchasers of Polycom publicly traded securities during the Class Period (the “Class”). The plaintiff is represented by Robbins Geller, which has expertise in prosecuting investor class actions and extensive experience in actions involving financial fraud.
Robbins Geller represents U.S. and international institutional investors in contingency-based securities and corporate litigation. With nearly 200 lawyers in nine offices, the firm represents hundreds of public and multi-employer pension funds with combined assets under management in excess of $2 trillion. The firm has obtained many of the largest recoveries in history and has been ranked number one in the number of shareholder class action recoveries in MSCI’s Top SCAS 50 every year since 2003. Please visit http://www.rgrdlaw.com for more information.