BENSALEM, Pa.--(BUSINESS WIRE)--Law Offices of Howard G. Smith announces that a class action lawsuit has been filed on behalf of investors that purchased Kulicke and Soffa Industries, Inc. (“Kulicke and Soffa” or the “Company”) (NASDAQ: KLIC) securities 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.
Investors that suffered losses on their Kulicke and Soffa investments are encouraged to contact the Law Offices of Howard G. Smith to discuss their legal rights in this class action at 888-638-4847 or by email to howardsmith@howardsmithlaw.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.
If you purchased shares of Kulicke and Soffa during the Class Period, have information or 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 Howard G. Smith, Esquire, of Law Offices of Howard G. Smith, 3070 Bristol Pike, Suite 112, Bensalem, Pennsylvania 19020 by telephone at (215) 638-4847, toll-free at (888) 638-4847, or by email to howardsmith@howardsmithlaw.com, or visit our website at www.howardsmithlaw.com.
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