STEVENSON, Md.--(BUSINESS WIRE)--The securities litigation law firm of Brower Piven, A Professional Corporation, announces that a class action lawsuit has been commenced in the United States District Court for the Southern District of New York on behalf of purchasers of International Business Machines Corporation (“IBM” or the “Company”) (NYSE: IBM) common stock during the period between April 17, 2014 and October 17, 2014, inclusive (the “Class Period”). Investors who wish to become proactively involved in the litigation have until May 1, 2015 to seek appointment as lead plaintiff.
If you have suffered a loss from investment in IBM common stock purchased on or after April 17, 2014 and held through the revelation of negative information during and/or at the end of the Class Period, as described below, and would like to learn more about this lawsuit and your ability to participate as a lead plaintiff, without cost or obligation to you, please visit our website at http://www.browerpiven.com/currentsecuritiescases.html. You may also request more information by contacting Brower Piven either by email at email@example.com or by telephone at (410) 415-6616. No class has yet been certified in the above action. Members of the Class will be represented by the lead plaintiff and counsel chosen by the lead plaintiff.
If you wish to choose counsel to represent you and the Class, you must apply to be appointed lead plaintiff and be selected by the Court. The lead plaintiff will direct the litigation and participate in important decisions including whether to accept a settlement for the Class in the action. The lead plaintiff will be selected from among applicants claiming the largest loss from investment in Company common stock during the Class Period. Brower Piven also encourages anyone with information regarding the Company’s conduct during the period in question to contact the firm, including whistleblowers, former employees, shareholders and others.
The complaint accuses the defendants of violations of the Securities Exchange Act of 1934 by virtue of the defendants’ failure to disclose during the Class Period that the Company failed to record an impairment in the value of the Company’s Microelectronics business in conformity with applicable accounting standards, which materially inflated IBM’s earnings during the Class Period and rendered the Company’s 2014 earnings guidance materially false and misleading. According to the complaint, following the Company’s October 20, 2014 announcements, including that Globalfoundries had agreed to “acquire” the Company’s Microelectronics business, including intellectual property rights, for a payment of $1.5 billion from IBM to Globalfoundries, that the Company would be taking a $4.7 billion charge to earnings on the Microelectronics which included an impairment to reflect fair value less estimated costs to sell the Microelectronics business and other estimated costs related to the transaction, and that the Company was revising its earlier guidance for operating earnings and that 2014 would decline compared to 2013, the value of IBM shares declined significantly.
Attorneys at Brower Piven have extensive experience in litigating securities and other class action cases and have been advocating for the rights of shareholders since the 1980s. If you choose to retain counsel, you may retain Brower Piven without financial obligation or cost to you, or you may retain other counsel of your choice. You need take no action at this time to be a member of the class.