NEW YORK--(BUSINESS WIRE)--Bragar Eagel & Squire, P.C. announces that a class action lawsuit has been filed in the U.S. District Court for New Jersey on behalf of all persons or entities who purchased or otherwise acquired Quadrant 4 System Corporation (OTC: QFOR) securities between August 14, 2012 and June 30, 2017 (the “Class Period”). Investors have until September 4, 2017 to apply to the Court to be appointed as lead plaintiff in the lawsuit.
On November 30, 2016, the U.S. Department of Justice announced that it was charging then-current CEO Nandu Thondavadi over actions related to the Company’s SEC filings. Following this news, on December 1, shares of QFOR fell $0.16, or over 84%, to close at $0.03 per share. On June 30, 2017, the SEC announced further charges against Thondavadi and the Company’s CFO, Dhru Desai. Following this news, shares of QFOR fell $0.008, or 40%, to close at $0.012 per share.
The Complaint alleges that throughout the Class Period, the Company made false and/or misleading statements and/or failed to disclose that: (1) Defendants Thondavadi and Desai engaged in an accounting fraud scheme that misled investors; (2) Defendants Thondavadi and Desai stole more than $4 million from the Company; (3) Defendants Thondavadi and Desai caused the Company to understate its liabilities and inflate its revenues and assets and evaded scrutiny by lying to the Company’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.
If you purchased or otherwise acquired Quadrant 4 securities during the Class Period and suffered a loss or continue to hold shares purchased prior to the Class Period, have information, 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 Brandon Walker or Melissa Fortunato by email at firstname.lastname@example.org, or telephone at (212) 355-4648, or by filling out this contact form. There is no cost or obligation to you.
Bragar Eagel & Squire, P.C. is a New York-based law firm concentrating in commercial and securities litigation. For additional information concerning the Quadrant 4 System Corporation lawsuit, please go to http://www.bespc.com/qfor. For additional information about Bragar Eagel & Squire, P.C., please go to www.bespc.com.