LOS ANGELES--(BUSINESS WIRE)--National securities law firm Glancy Prongay & Murray LLP (“GPM”) announces that a class action lawsuit has been filed on behalf of investors that purchased or otherwise acquired the securities of Kulicke and Soffa Industries, Inc. (“Kulicke and Soffa” or the “Company”) (NASDAQ: KLIC) between November 16, 2017 through May 10, 2018, inclusive (the “Class Period”). Kulicke and Soffa investors have until July 10, 2018 to file a lead plaintiff motion.
If you are a shareholder who suffered a loss, click here to participate.
Investors that suffered losses on their Kulicke and Soffa investments are encouraged to contact Lesley Portnoy of GPM to discuss their legal rights in this class action at 310-201-9150 or by email to email@example.com.
The complaint filed in this class action alleges that throughout the Class Period defendants made false and/or misleading statements and/or failed to disclose that: (1) Kulicke and Soffa's consolidated financial statements for the fiscal year ending September 30, 2017 could no longer be relied upon due to misstated warranty accruals; and (2) as a result, Defendants' public statements were materially false and misleading at all relevant times.
On May 10, 2018, after the market closed, the Company disclosed that it would be “unable to file its Quarterly Report on Form 10-Q for the quarterly period ended March 31, 2018” on time. The Company further disclosed that it was conducting an internal investigation related to unauthorized transactions by a “senior finance employee” and that “in the course of this investigation, the Company discovered that certain warranty accruals in prior periods were accounted for incorrectly and therefore misstated.” On this news, the Company’s share price fell more than 8% during intraday trading on May 11, 2018, thereby injuring investors
Follow us for updates on Twitter: twitter.com/GPM_LLP.
If you purchased shares of Kulicke and Soffa during the Class Period you may move the Court no later than July 10, 2018 to ask the Court to appoint you as lead plaintiff. To be a member of the Class you need not take any action at this time; you may retain counsel of your choice or take no action and remain an absent member of the Class. If you wish to learn more about this action, or if you have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Lesley Portnoy, Esquire, of GPM, 1925 Century Park East, Suite 2100, Los Angeles California 90067 at 310-201-9150, Toll-Free at 888-773-9224, by email to firstname.lastname@example.org, or visit our website at www.glancylaw.com. If you inquire by email please include your mailing address, telephone number and number of shares purchased.
This press release may be considered Attorney Advertising in some jurisdictions under the applicable law and ethical rules.