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 the Northern District of California on behalf of all persons or entities who purchased or otherwise acquired Quantum Corporation (NYSE: QTM) securities between May 10, 2016 and February 7, 2018 (the “Class Period”). Investors have until April 16, 2018 to apply to the Court to be appointed as lead plaintiff in the lawsuit.
On February 8, 2018, Quantum announced that it was postponing the release of its fiscal third quarter 2018 results in order to complete an investigation into accounting matters and related internal controls that was raised in response to a recent inquiry by the Securities and Exchange Commission (SEC). The Company further disclosed that on January 11, 2018, Quantum received a subpoena from the SEC regarding its accounting practices and internal controls related to revenue recognition for transactions commencing April 1, 2016.
Following this news, shares of Quantum fell $1.67 per share, or almost 30%, to close at $3.90 on February 8, 2018.
The complaint alleges that Defendants made false and/or misleading statements and/or failed to disclose that (i) Quantum had inappropriately accounted for revenue relating to certain transactions commencing April 1, 2016; (ii) the Company lacked adequate internal controls over financial reporting; and (iii) that as a result of the foregoing, Quantum's publicly disseminated financial statements were materially false and misleading.
If you purchased or otherwise acquired Quantum securities and suffered a loss, 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 email@example.com, 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 Quantum Corporation lawsuit, please go to http://www.bespc.com/qtm. For additional information about Bragar Eagel & Squire, P.C., please go to www.bespc.com.