BENSALEM, Pa.--(BUSINESS WIRE)--Law Offices of Howard G. Smith reminds investors of the upcoming May 6, 2016 deadline to file a lead plaintiff motion in the class action filed on behalf of investors who purchased PTC Inc. (“PTC” or the “Company”) (NASDAQ: PTC) securities between November 24, 2011 and July 29, 2015, inclusive (the “Class Period”). PTC investors have until May 6, 2016 to file a lead plaintiff motion.
On February 16, 2016, PTC disclosed that it had come to an agreement with the U.S. Securities and Exchange Commission and the Department of Justice, concerning allegations that the Company bribed Chinese government officials to obtain favorable contracts. PTC paid penalties and interest of $28.2 million and admitted that two of its units had coordinated recreational trips to the United States for Chinese officials in return for advantageous contracts with Chinese-state owned institutions. Following news of the corruption charges the Company’s shares fell sharply in value thereby damaging investors.
According to the complaint, throughout the Class Period PTC issued false and misleading statements to investors and/or failed to disclose that: (1) PTC did not disclose to the SEC and the DOJ the full results of its investigation into whether PTC China improperly provided recreational travel to Chinese government officials in violation of the FCPA; (2) PTC was not cooperating with the SEC and the DOJ in connection with their investigations into whether PTC China improperly provided recreational travel to Chinese government officials in violation of the FCPA; (3) PTC’s books and records were inaccurate and PTC failed to maintain adequate internal accounting controls; and (4) as a result, PTC’s public statements were materially false and misleading at all relevant times. When the true details entered the market, the lawsuit claims that investors suffered damages.
If you purchased PTC shares, you may move the Court no later than May 6, 2016 to request appointment as lead plaintiff. To be a member of the class you need not take any action at this time; you may retain counsel of your choice or take no action and remain an absent member of the Class. If you wish to learn more about this action, or if you have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Howard G. Smith, Esquire, of Law Offices of Howard G. Smith, 3070 Bristol Pike, Suite 112, Bensalem, Pennsylvania 19020 by telephone at (215) 638-4847, toll-free at (888) 638-4847, or by email to howardsmith@howardsmithlaw.com, or visit our website at http://www.howardsmithlaw.com.
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