Ryan & Maniskas, LLP Class Action Lawsuit Against ModusLink Global Solutions, Inc.
Published on Friday, 15 June 2012 21:40 Written by TradersHuddle StaffWAYNE, Pa.-( Business Wire )-
Ryan & Maniskas, LLP (www.rmclasslaw.com/cases/mlnk) has filed a securities fraud class action lawsuit in the United States District Court for the District of Massachusetts against ModusLink Global Solutions, Inc. ("ModusLink" or the "Company") (NASDAQ: MLNK) on behalf of investors who purchased or otherwise acquired the common stock of the Company during the period from September 26, 2007 through June 8, 2012 (the "Class Period").
The complaint brings forth claims for violations of the Securities Exchange Act of 1934. ModusLink provides supply chain management services and solutions. On June 11, 2012, the Company announced that it would need to restate financial results going back to 2007 and that its Audit Committee investigation found that certain client contracts were consistently misaligned with the Company's practice of retaining volume discounts. Additionally, the Committee found instances where vendor costs incurred were marked up to clients inconsistent with contracts.
Concurrently with these stunning announcements, the Company also disclosed that the Securities and Exchange Commission had launched an inquiry into these matters, and that ModusLink's President and Chief Executive Officer, Defendant Joseph C. Lawler, was immediately resigning from his positions with ModusLink and the Company's Board of Directors. In addition, the Company also announced the immediate departure of William R. McLennan, President, Global Operations for ModusLink.
In reaction to the Company's announcements, ModusLink's stock price plunged 34.74% to close at $2.78 on June 11, 2012.
If you are a member of the class, you may, no later than August 11, 2012, request that the Court appoint you as lead plaintiff of the class. A lead plaintiff is a representative party that acts on behalf of other class members in directing the litigation. In order to be appointed lead plaintiff, the Court must determine that the class member's claim is typical of the claims of other class members, and that the class member will adequately represent the class. Under certain circumstances, one or more class members may together serve as "lead plaintiff." Your ability to share in any recovery is not, however, affected by the decision whether or not to serve as a lead plaintiff. You may retain Ryan & Maniskas, LLP or other counsel of your choice, to serve as your counsel in this action.
Ryan & Maniskas, LLP is a national shareholder litigation firm. Ryan & Maniskas, LLP is devoted to protecting the interests of individual and institutional investors in shareholder actions in state and federal courts nationwide.
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