Levi & Korsinsky is investigating potential claims on behalf of purchasers of ModusLink Global Solutions, Inc. (“ModusLink” or the “Company”) (Nasdaq: MLNK) securities concerning possible breaches of fiduciary duty. The investigation focuses on allegations that certain statements issued by the Company regarding ModusLink’s business, operations and financial condition were false and misleading.
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On June 11, 2012, ModusLink announced it received an inquiry from the SEC relating to the Company’s accounting treatment of rebates associated with volume discounts provided by vendors. The Company also announced that it initiated an internal investigation into those and other matters. As a result of the accounting evaluation, the Company expects to restate its audited financial statements from fiscal years 2009 through 2011, as well as the first two quarters of fiscal 2012 and its unaudited selected financial data for fiscal years 2007 and 2008. As a result of this news, ModusLink shares dropped from a close of $4.26 on June 8, 2012 to close at $2.78 on June 11, 2012 - a drop of 34%.
If you own ModusLink stock and wish to obtain additional information about the investigation and your legal rights, please contact Joseph E. Levi, Esq. either via email at firstname.lastname@example.org or by telephone at (212) 363-7500, toll-free: (877) 363-5972, or visit http://zlk.9nl.com/moduslink-global-solutions-mlnk.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. The attorneys at Levi & Korsinsky have been appointed by numerous courts throughout the country to serve as lead counsel on behalf of shareholders in major securities lawsuits and have successfully recovered multimillion-dollar damages awards on behalf of investors. For more information, please feel free to contact any of the attorneys listed below. Attorney advertising. Prior results do not guarantee similar outcomes.