If you have purchased shares of Polycom Inc (NASDAQ:PLCM) between July 24, 2012 and June 23, 2013, call 1-800-934-2921 right now to protect your rights.
Filing deadline: 09/24/2013
The complaint is formally made to represent the rights of shareholders or Polycom Inc's stock, represented under NASDAQ as "PLCM", which the plaintiff claims were violated as a result of recent company conduct. The Securities Exchange Act, as passed in 1934, could have provisions against recent Polycom Inc actions taking place between July 24, 2012 and June 23, 2013.
The lawsuit's filer claims that Polycom Inc made a variety of mistakes that violate provisions. These include attempts to conceal or outright lie about company expenses, Polycom's alleged failure to maintain good business practices inside the company, Polycom Inc's CEO irresponsibly failing to follow his company's code of conduct on several occasions and putting his position at risk, and the CEO's failure to follow company code resulting in his firing and therefore lowering stock value. All this allegedly contributed to an environment in which the plaintiff believes Polycom Inc stock was doomed to fail, and reflects inaccurate reports about not only expenses, but the quality of the stock itself.
Polycom Inc recently issued a statement that their CEO has changed to reflect certain company concerns at the conclusion of the last fiscal year.
The new CEO replaces the former, who admitted that he had falsely submitted business expense reports. The company hopes that a change of staff can get business back on track, after recent stock plummets. Polycom Inc is currently undergoing many changes, and in the process of redesigning their bottom line.
Polycom Inc recently reported its total revenue from 2012, which dropped only $0.01 billion. In spite of this, the company's net income fell dramatically. Because of this, shares in Polycom Inc stock lowered significantly in value by over 50% over the alleged period of time (June 24, 2012 to July 23, 2013), from over $20 USD, to just under $10.
On July 26, the company's stock was listed at just under $10 per share.
The company's shares plummeted another $2 at the mention of a new CEO. This is typical practice, as a change in CEO is expected to take time before profits get back on track.
Own shares of Polycom Inc (NASDAQ:PLCM)? Contact us to protect your rights.
If you have purchased shares of Polycom Inc (NASDAQ:PLCM) between July 24, 2012 and June 23, 2013, call 1-800-934-2921 right now to protect your rights. Complete the form on this page or call attorney Bill Kyros at 1-800-934-2921 right now to protect your rights.