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 Northern District of California on behalf of purchasers of Quantum Corporation (NYSE: QTM) (“Quantum” or the “Company”) securities during the period between May 10, 2016 and February 7, 2018, inclusive (the “Class Period”). Investors who wish to become proactively involved in the litigation have until April 16, 2018 to seek appointment as 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 Quantum securities during the Class Period. Members of the class will be represented by the lead plaintiff and counsel chosen by the lead plaintiff. No class has yet been certified in the above action.
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 Quantum had inappropriately accounted for revenue relating to certain transactions commencing April 1, 2016 and that the Company lacked adequate internal controls over financial reporting.
According to the complaint, on February 8, 2018, Quantum disclosed that the Company received a subpoena from the Securities and Exchange Commission (SEC) related to revenue recognition for certain transactions, prompting an ongoing internal investigation by Quantum. The complaint asserts that as a result, the Company announced that it “is postponing release of its fiscal third quarter 2018 results and its earnings conference call” and, further, that on this news, the value of Quantum shares declined significantly.
If you have suffered a loss in excess of $100,000 from investment in Quantum securities purchased on or after May 10, 2016 and held through the revelation of negative information during and/or at the end of the Class Period 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 contact Brower Piven either by email at firstname.lastname@example.org or by telephone at (410) 415-6616.
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.