Washington, D.C. shareholder law firm Finkelstein Thompson LLP is investigating potential legal claims on behalf of shareholders of ModusLink Global Solutions, Inc. (“ModusLink” or the “Company”) (NASDAQ: MLNK). If you are interested in discussing your rights as a ModusLink shareholder, or have information relating to this investigation, please contact Finkelstein Thompson's Washington, DC offices at (877) 337-1050 or by email at email@example.com.
On June 11, 2012, ModusLink announced that retirement of its President and CEO, Joseph Lawler, as well as his resignation from the Company’s Board of Directors. On the same day, it announced that it would revise its financial statements dating back to 2007, and that these statements could no longer be relied on. The decision resulted from an internal investigation, prompted by an SEC inquiry regarding the Company's treatment of rebates associated with volume discounts provided by vendors. The investigation concluded “certain client contracts have not been aligned consistently with the Company's practice of retaining volume discounts. In the course of this investigation, the audit committee also identified limited instances where vendor costs incurred were marked-up to clients in a manner not consistent with client contracts.” The announcement concluded that certain proceeds from the discounts and mark-ups may have been incorrectly accounted for as revenue.
ModusLink’s share price fell over 30% in reaction to the news.
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