NEW YORK--(BUSINESS WIRE)--Bragar Eagel & Squire, P.C. reminds investors that a class action lawsuit has been filed in the U.S. District Court for the Eastern District of New York on behalf of all persons or entities who purchased or otherwise acquired Zebra Technologies Corporation (NASDAQ : ZBRA) securities between March 17, 2015 and May 9, 2016 (the “Class Period”). Investors have until September 25, 2017 to apply to the Court to be appointed as lead plaintiff in the lawsuit.
The Complaint alleges that throughout the Class Period, the Company made false and/or misleading statements and/or failed to disclose that: (a) There were severe integration issues associated with Zebra's acquisition of Motorola Enterprise; (b) Zebra was understating its income taxes through the end of FY15, had under-accrued certain 2015 estimates, most notably for its sales commission plan, and overstated the net realizable value of trade receivables acquired in connection with the Motorola Enterprise assets acquisition; (c) Zebra lacked both effective disclosure controls and procedures, as well as internal controls over financial reporting; (d) Because of the material weaknesses that were identified in its internal controls and procedures over financial reporting and disclosure, Zebra lacked the ability to accurately forecast pretax income and deferred taxes in a timely matter; and (e) Zebra's Class-Period financial statements were not prepared in accordance with GAAP and, therefore, were materially false and misleading.
On May 10, 2016, Zebra issued a press release announcing its financial results for the first quarter of 2016. Zebra reported first quarter revenue and non-GAAP EPS of $847 million and $1.01, respectively, significantly less than the $879 million in revenues and GAAP net income of $1.22 per share, respectively, the Company had led the investment community to expect - and less than its own prior guidance on February 25, 2016. Following this news, shares of Zebra fell $11.12, or almost 18%, to close at $51.46 on May 10, 2016.
If you purchased or otherwise acquired Zebra Technologies 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 Zebra Technologies Corporation lawsuit, please go to http://www.bespc.com/zbra. For additional information about Bragar Eagel & Squire, P.C., please go to www.bespc.com.