LOS ANGELES--(BUSINESS WIRE)--Lundin Law PC, a shareholder rights firm, announces the filing of a class action lawsuit against Zebra Technologies Corporation (“Zebra Technologies” or the “Company”) (Nasdaq: ZBRA) concerning possible violations of federal securities laws between March 17, 2015 and May 9, 2016 inclusive (the “Class Period”). Investors who purchased or otherwise acquired shares during the Class Period should contact the firm prior to the September 25, 2017 lead plaintiff motion deadline.
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No class has been certified in the above action yet. Until a class is certified, you are not considered represented by an attorney. You may also choose to do nothing and be an absent class member.
According to the Complaint, throughout the Class Period, Zebra Technologies issued materially false and misleading statements and/or failed to disclose: that it understated its income taxes through the end of 2015, under accrued certain 2015 estimates, in particular with respect to its sales commission plan, and overstated the net realizable value of trade receivables acquired in connection with its acquisition of Motorola’s Enterprise division. Zebra Technologies also failed to disclose the impact of material weaknesses identified in its internal controls and procedures over financial reporting and disclosure, which caused the misstatements and rendered the Company’s financial guidance for 2015 and the first and second quarters of 2016 materially false and misleading.
On May 10, 2016, Zebra Technologies announced disappointing financial results for its first quarter of 2016, stating that “first quarter results [were] below…expectations, with lower sales and earnings reflecting the continuation of a cautious enterprise spending environment.” On the same day, the Company filed its quarterly report on Form 10-Q with the Securities and Exchange Commission for the first quarter of 2016, which confirmed that Zebra Technologies found defects in its internal controls in 2015 that had impaired its ability to accurately forecast its pretax income and deferred taxes. Upon release of this news, shares of Zebra Technologies fell in value materially, which caused investors harm according to the Complaint.
Lundin Law PC was founded by Brian Lundin, Esquire, a securities litigator based in Los Angeles dedicated to upholding shareholders’ rights.
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