Shepherd, Finkelman, Miller & Shah, LLP ( http://www.sfmslaw.com; e-mail: firstname.lastname@example.org), a law firm with offices in California, Connecticut, Florida, New York, New Jersey, Pennsylvania and Wisconsin, announces that it is investigating possible breaches of fiduciary duty and other violations of law by certain officers and directors at ModusLink Global Solutions, Inc. (“MLNK” or the “Company”)(Nasdaq:MLNK).
SFMS’s investigation focuses on whether certain officers and directors of MLNK harmed the Company in their oversight and control of the MLNK’s accounting practices. MLNK and its subsidiaries provide business process management solutions to other companies such as hardware manufacturers, software publishers and telecommunication carriers. Earlier this year, the Company received an SEC inquiry regarding the Company’s treatment of rebates associated with volume discounts provided by vendors. Then, on June 11, 2012, the Company announced that its president, who is also the chief executive officer and a director, and the president of its global operations, were both stepping down. The Company also announced that it will be restating its audited financial statements from fiscal years 2007 to the present, and delay its filing of its quarterly report for the third quarter of 2012. MLNK revealed that it estimates a reduction of revenue of approximately $20 million to $30 million and of net income by a lesser amount because of the inaccurate accounting treatment of some rebates. As a result, the Company’s share price declined by $1.48 per share, or approximately 34.74%, to close at $2.78 per share on June 11, 2012.
If you are a current shareholder of MLNK and would like more information about your shareholder rights, please contact Karen M. Leser-Grenon by email ( email@example.com) or telephone (toll-free at (866) 540-5505); or Kolin Tang by email ( firstname.lastname@example.org) or telephone ((619) 235-2416).
Shepherd, Finkelman, Miller & Shah, LLP ( http://www.sfmslaw.com) is a law firm that represents investors, including institutions and individuals, as well as consumers, in class action and corporate governance matters throughout the country.