SAN DIEGO and REDWOOD CITY, Calif., Dec. 23, 2013 /PRNewswire/ -- Shareholder rights law firm Robbins Arroyo LLP announces that an investor of Electronic Arts, Inc. (NASDAQ: EA) has filed a federal securities fraud class action complaint in the U.S. District Court for the Northern District of California. The complaint alleges that the company and certain of its officers violated the Securities and Exchange Act of 1934 between July 24, 2013 and December 4, 2013 (the "Class Period"). Electronic Arts develops, markets, publishes, and distributes game software content and services.
Electronic Arts Accused of Misstating the Strength of Its Battlefield 4 Rollout
According to the complaint, shares of Electronic Arts fell $1.90 per share, to close at $24.06 on November 15, 2013, following the disclosure that Electronics Arts' games were performing poorly when played on Sony's newly released PS4 game console. Electronic Arts' shares fell an additional 8.84%, or $1.23 per share, to close at $21.01 per share on December 4, 2013, when it was revealed that Electronic Arts would indefinitely halt its rollout of Battlefield 4 in the face of continued technical problems involving the video game.The complaint alleges that Electronic Arts issued false and misleading statements regarding the company's ability to successfully rollout version 4 of its popular Battlefield video game, a large driver of revenue for the company in fiscal 2013. The complaint charges that throughout the Class Period, Electronic Arts repeatedly assured investors that Battlefield 4 would enjoy a successful holiday season 2013 rollout despite knowing the game was riddled with bugs and other problems. According to the complaint, these misleading statements drove Electronic Art' stock to a Class Period high of $28.13 per share on August 23, 2013. Electronic Arts Shareholders Are Encouraged to Contact Shareholder Rights Law Firm Robbins Arroyo If you invested in Electronic Arts and would like to discuss your shareholder rights, please contact attorney Darnell R. Donahue at (800) 350-6003, DDonahue@robbinsarroyo.com, or via the information form on the firm's shareholder rights blog: http://www.robbinsarroyo.com/shareholders-rights-blog/electronic-arts-inc Robbins Arroyo LLP is a nationally recognized leader in securities litigation and shareholder rights law. The firm represents individual and institutional investors in shareholder derivative and securities class action lawsuits, and has helped its clients realize more than $1 billion of value for themselves and the companies in which they have invested. Attorney Advertising. Past results do not guarantee a similar outcome.