This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
TheStreet Open House

Faruqi & Faruqi, LLP Encourages Investors Who Suffered Losses In Excess Of $100,000 From Investing In ModusLink Global Solutions To Contact The Firm

NEW YORK, June 29, 2012 /PRNewswire/ -- Faruqi & Faruqi, LLP, a leading national securities law firm, is investigating potential securities fraud at ModusLink Global Solutions, Inc. ("ModusLink" or the "Company") (NASDAQ: MLNK).

(Logo: http://photos.prnewswire.com/prnh/20120119/MM38856LOGO )

The investigation focuses on whether ModusLink and its executives violated federal securities laws by failing to disclose that:  (1) the Company was improperly accounting for volume discount rebates provided by vendor companies; (2) ModusLink's financial statements between the fall of 2007 and summer of 2012 did not present an accurate presentation of the Company's finances and operations, with Company financial results not being prepared in accordance with the Generally Accepted Accounting Principles; and (3) the Company lacked adequate internal and financial controls.

On June 11, 2012, ModusLink announced that it would need to restate financial results going back to 2007 and that its Audit Committee investigation found that certain client contracts were consistently misaligned with the Company's practice of retaining volume discounts.  Additionally, the Company also disclosed that the Securities and Exchange Commission launched an inquiry into these matters, and that ModusLink's President and Chief Executive Officer ("CEO"), Joseph C. Lawler, was immediately resigning from his position as CEO and a member of the Board of Directors. As a result of this news, ModusLink shares plunged 34.74%, to close at $2.78 on June 11, 2012 on unusually heavy volume of more than 1.3 million shares traded.

Request more information now by clicking here:  www.faruqilaw.com/MLNK. There is no cost or obligation to you.

Take Action  If you purchased ModusLink stock or options between September 26, 2007 and June 8, 2012 and would like to discuss your legal rights, visit www.faruqilaw.com/MLNK.  You can also contact us by calling Juan Monteverde, Richard Gonnello or Francis McConville toll free at 877-247-4292 or at 212-983-9330 or by sending an e-mail to jmonteverde@faruqilaw.com, rgonnello@faruqilaw.com or fmcconville@faruqilaw.com.  Faruqi & Faruqi, LLP also encourages anyone with information regarding ModusLinks's conduct to contact the firm, including whistleblowers, former employees, shareholders and others.

Attorney Advertising.  The law firm responsible for this advertisement is Faruqi & Faruqi, LLP ( www.faruqilaw.com).  Prior results do not guarantee or predict a similar outcome with respect to any future matter.  We welcome the opportunity to discuss your particular case.  All communications will be treated in a confidential matter.FARUQI & FARUQI, LLP369 Lexington Avenue, 10th Floor New York, NY 10017Attn:  Juan Monteverde, Esq.   jmonteverde@faruqilaw.com  Richard Gonnello, Esq.  rgonnello@faruqilaw.com  Francis McConville, Esq.  fmcconville@faruqilaw.com  Telephone: (877) 247-4292 or (212) 983-9330 

SOURCE Faruqi & Faruqi

Copyright 2011 PR Newswire. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

Select the service that is right for you!

COMPARE ALL SERVICES
Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!
DOW 17,172.68 -107.06 -0.62%
S&P 500 1,994.29 -16.11 -0.80%
NASDAQ 4,527.6890 -52.10 -1.14%

Brokerage Partners

Rates from Bankrate.com

  • Mortgage
  • Credit Cards
  • Auto

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs