LOS ANGELES--(BUSINESS WIRE)--Glancy Prongay & Murray LLP (“GPM”) is investigating potential claims on behalf of investors of Checkpoint Systems Inc. (“Checkpoint” or the “Company”) (NYSE: CKP) concerning the Company’s and its officers’ possible violations of federal securities laws.
On November 3, 2015, after the market closed, Checkpoint disclosed that “the Company discovered financial statement errors attributable to the accounting for its quarterly income tax provision.” As a result, the Company concluded that “the unaudited financial statements for the quarterly period ended March 29, 2015, the quarterly period ended June 28, 2015 and the year-to-date period ended June 28, 2015 contained in the Company’s Quarterly Reports on Form 10-Q for the quarterly period ended March 29, 2015 and the quarterly period ended June 28, 2015 should no longer be relied upon.” The Company stated that, based on its current assessment, the changes will be as follows “Quarter ended March 29, 2015: increase in tax expense of $1.8 million, increase in net loss of $1.8 million, and decrease in diluted earnings per share of $0.04; Quarter ended June 28, 2015: increase in tax expense of $4.1 million, increase in net loss of $4.1 million, and decrease in diluted earnings per share of $0.10; and Year-to-date ended June 28, 2015: increase in tax expense of $5.9 million, increase in net loss of $5.9 million, and decrease in diluted earnings per share of $0.14.”
On this news, shares of Checkpoint fell during after-hours trading on November 3, 2015, thereby injuring investors.
If you purchased Checkpoint securities, have information or would like to learn more about these claims, or have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Lesley Portnoy, Esquire, of GPM, 1925 Century Park East, Suite 2100, Los Angeles, California 90067 at 310-201-9150, Toll-Free at 888-773-9224, by email to firstname.lastname@example.org, or visit our website at http://www.glancylaw.com. If you inquire by email please include your mailing address, telephone number and number of shares purchased.
This press release may be considered Attorney Advertising in some jurisdictions under the applicable law and ethical rules.