The Law Firm of Levi & Korsinsky Notifies Investors with Losses on Their Investment in THQ Inc. of Class Action Lawsuit and the Deadline of August 14, 2012 to Seek a Lead Plaintiff Position
Published on Tuesday, 19 June 2012 16:20 Written by TradersHuddle StaffNEW YORK-( Business Wire )-
Levi & Korsinsky announces that a class action lawsuit has been commenced in the United States District Court for the Central District of California on behalf of shareholders who purchased THQ Inc. (Nasdaq: THQI) stock between May 3, 2011 and February 3, 2012 (the “Class Period”).
For more information click: http://zlk.9nl.com/thq-thqi/.
Lead Plaintiff Deadline: August 14, 2012
The complaint alleges that THQ and certain of its executive officers issued false or misleading statements concerning the Company. Specifically, it is alleged that defendants misrepresented or failed to disclose that: (a) the Company’s uDraw GameTablet (“uDraw”) for Microsoft Xbox 360 and Sony PlayStation 3 was not being purchased by owners of those gaming systems; (b) because demand for uDraw was below internal expectations, the Company would have to take back, or provide price protection, on hundreds of thousands of units that it had sold; and (c) as a result of the foregoing, defendants lacked a reasonable basis for their positive statements about the Company and its prospects.
On December 7, 2011, THQ announced that it expected to report net sales approximately 25% below its previously announced guidance for the third quarter of 2012, due to “weaker-than-expected initial sales” of uDraw. Then on February 2, 2012, THQ announced financial results for the third quarter of 2012, reporting a net loss of $55.9 million, or $0.82 per diluted share. On this news, shares of THQ stock fell 30%, to close at just $0.53 per share the following day.
Levi & Korsinsky is a national firm with offices in New York and Washington D.C. The firm has extensive expertise in prosecuting securities litigation involving financial fraud, representing investors throughout the nation in securities and shareholder lawsuits. For more information, please feel free to contact any of the attorneys listed below. Attorney advertising. Prior results do not guarantee similar outcomes.
Levi & Korsinsky, LLPJoseph Levi, Esq.Eduard Korsinsky, Esq.Tel: 212-363-7500Toll Free: 877-363-5972Fax: 212-363-7171www.zlk.com
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