, Aug. 10, 2012 /PRNewswire/ -- Levi & Korsinsky announces that a class action lawsuit has been commenced in the United States District Court for the District of
on behalf of investors who purchased ModusLink Global Solutions, Inc. (Nasdaq: MLNK) securities between
September 26, 2007
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The Complaint alleges that the Company and certain of its executive officers misrepresented or failed to disclose that: (a) the Company's accounting for rebates associated with volume discounts provided by vendors was improper and misleading; (b) the Company's financial statements during the Class Period did not provide a fair presentation of the Company's finances and operations; (c) the Company's financial results were not prepared in accordance with GAAP; (d) the Company lacked adequate internal and financial controls; and (e) as a result of the above, the Company's financial statements were materially false and misleading.
June 11, 2012
, ModusLink announced it received an inquiry from the SEC relating to the Company's accounting treatment of rebates and expects to restate its audited financial statements from fiscal years 2009 through 2011, the first two quarters of fiscal 2012 and its unaudited selected financial data for 2007 and 2008. In reaction, ModusLink shares dropped 34% from
June 8, 2012
to close at
June 11, 2012
If you suffered a loss in ModusLink you have until
August 13, 2012
to request that the Court appoint you as lead plaintiff. Your ability to share in any recovery doesn't require that you serve as a lead plaintiff. To obtain additional information, contact
Joseph E. Levi, Esq.
either via email at
or by telephone at (877) 363-5972, or visit
Levi & Korsinsky is a national firm with offices in
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. Attorney advertising. Prior results do not guarantee similar outcomes.
CONTACT:Levi & Korsinsky, LLP
Joseph Levi, Esq.
30 Broad Street - 24th Floor
New York, NY
10004Tel: (212) 363-7500Toll Free: (877) 363-5972Fax: (212) 363-7171
SOURCE Levi & Korsinsky, LLP