NEW ORLEANS--(BUSINESS WIRE)--ClaimsFiler, a FREE shareholder information service, reminds investors that they have until April 16, 2018 to file lead plaintiff applications in a securities class action lawsuit against Quantum Corporation (NYSE: QTM), if they purchased the Company’s securities between May 10, 2016 and February 7, 2018, inclusive (the “Class Period”). This action is pending in the United States District Court for the Northern District of California.
Quantum investors should visit us at https://www.claimsfiler.com/cases/view-quantum-corporation-securities-litigation-1 or call to speak to our claim center toll-free at (844) 367-9658.
About the Lawsuit
Quantum and certain of its executives are charged with failing to disclose material information during the Class Period, violating federal securities laws.
On February 8, 2018, pre-market opening, the Company revealed that it was postponing the release of its Q3 2018 results due to an ongoing internal investigation by its audit committee stemming from a subpoena received on January 11, 2018 from the Securities and Exchange Commission relating to the Company’s “accounting practices and internal controls related to revenue recognition for transactions commencing April 1, 2016.”
On this news, the price of Quantum’s shares plummeted nearly 30%, to close at $3.90 per share on February 8, 2018.
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