NEW YORK--(BUSINESS WIRE)--Faruqi & Faruqi, LLP, a leading national securities law firm, reminds investors in Quadrant 4 Systems (“Quadrant” or the “Company”) (OTC:QFOR) of the September 5, 2017 deadline to seek the role of lead plaintiff in a federal securities class action that has been filed against the Company.
If you invested in Quadrant stock or options between August 14, 2012 and June 30, 2017 and would like to discuss your legal rights, click here: www.faruqilaw.com/QFOR. There is no cost or obligation to you.
You can also contact us by calling Richard Gonnello toll free at 877-247-4292 or at 212-983-9330 or by sending an e-mail to firstname.lastname@example.org.
The lawsuit has been filed in the U.S. District Court for the District of New Jersey on behalf of all those who purchased Quadrant securities between July 31, 2014 and June 15, 2015 (the “Class Period”). The case, Brown v. Thondavadi, et al., No. 3:17-cv-04908 was filed on July 5, 2017.
The lawsuit focuses on whether the Company and its executives violated federal securities laws by failing to disclose that: (1) defendant Nandu Thondavadi (“Thondavadi”), former CEO of Quadrant and defendant Dhru Desai (“Desai”), former CFO of Quadrant, engaged in an accounting fraud scheme that misled investors; (2) defendants Thondavadi and Desai stole more than $4 million from Quadrant; (3) defendants Thondavadi and Desai caused Quadrant to understate its liabilities and inflate its revenues and assets and evaded scrutiny by lying to Quadrant’s auditors and providing them with forged and doctored documents; and (4) as a result, defendants’ public statements were materially false and misleading at all relevant times.
Specifically, on November 30, 2016, the Department of Justice announced that defendant Thondavadi had been charged for misrepresenting the Company’s financial condition.
After the announcement, Quadrant’s share price fell from $0.15 per share on November 30, 2016 to a closing price of $0.03 on December 1, 2016—a $0.12 or a 80% drop.
The court-appointed lead plaintiff is the investor with the largest financial interest in the relief sought by the class who is adequate and typical of class members who directs and oversees the litigation on behalf of the putative class. 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. Your ability to share in any recovery is not affected by the decision to serve as a lead plaintiff or not.
Faruqi & Faruqi, LLP also encourages anyone with information regarding Quadrant’s conduct to contact the firm, including whistleblowers, former employees, shareholders and others.
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