Law Offices of Howard G. Smith announces that a class action lawsuit has been filed in the United States District Court for the Northern District of California on behalf of a class (the “Class”) comprising all purchasers of the securities of Polycom, Inc. (“Polycom” or the “Company”) (NASDAQ:PLCM) between July 24, 2012 and July 23, 2013, inclusive (the “Class Period”).
On July 23, 2013, Polycom issued a press release announcing the resignation of the Company’s President and Chief Executive Officer, Andrew Miller. According to the Company, on July 17, 2013, the Audit Committee of the Board of Directors completed “a review of certain of Mr. Miller’s expense submissions” and found “certain irregularities in these submissions.”
Following this news, on July 24, 2013, the price of Polycom shares fell $1.69, or more than 15%, to $9.49 per share, on volume of more than 14 million shares traded.
If you are a member of the Class described above you may move the Court no later than September 24, 2013, to serve as lead plaintiff; however, you must meet certain legal requirements. To be a member of the Class you need not take any action at this time; you may retain counsel of your choice or take no action and remain an absent member of the Class.No class has yet been certified in this action. Until a class is certified, you are not represented by counsel unless you retain one. If you purchased Polycom securities during the Class Period, you have certain rights, and have until September 24, 2013, to move for lead plaintiff status. To be a member of the class you need not take any action at this time, and you may retain counsel of your choice. If you purchased Polycom stock prior to the Class Period or have any questions concerning this Notice or your rights or interests with respect to these matters, please contact Howard G. Smith, Esquire, of Law Offices of Howard G. Smith, 3070 Bristol Pike, Suite 112, Bensalem, Pennsylvania 19020 by telephone at (215) 638-4847, Toll Free at (888) 638-4847, or by email to firstname.lastname@example.org, or visit our website at http://www.howardsmithlaw.com.