Wolf Haldenstein Adler Freeman & Herz LLP is investigating a potential securities class action lawsuit on behalf of investors in Liquidity Services, Inc. (“Liquidity Services” or the “Company”) (NASDAQ: LQDT), who purchased the Company’s stock from January 21, 2013 through May 7, 2014. Investors are urged to contact Gregory Stone at firstname.lastname@example.org or 212-545-4774.
The Company operates an online auction marketplace for wholesale, surplus and salvage assets for both the Federal government and private industry.
On the morning of May 8, 2014, the Company reported its financial results for the second quarter of fiscal year of 2014, which were below previously provided estimates, and drastically reduced its guidance for the third quarter and the remainder of the fiscal year 2014. As a result, the stock closed at $12.17, down $5.14 for the day, a decline of 30% from its previous close.
During the past year, there have been similar patterns of earnings misses, preceded by very opportune sales of stock by insiders. For example, on November 21, 2013, the Company released earnings for the fourth quarter of 2013 of $0.32 per share that were below consensus estimates of $0.45 per share, resulting in the stock closing at $21.83, down $4.87 for the session. In the quarter prior to this release, insiders sold close to 700,000 shares.Wolf Haldenstein has represented individual and institutional investors for many years, serving as lead counsel in numerous cases in United States federal and state courts. Please visit the Wolf Haldenstein website ( http://www.whafh.com) for more information about the firm. Gregory Stone or Gregory M. Nespole, Esq.Wolf Haldenstein Adler Freeman & Herz LLP270 Madison AvenueNew York, New York 10016 Phone Numbers:(800) 575-0735(212) 545-4774 Email: Classmember@whafh.com, email@example.com or Nespole@whafh.com and please reference “Liquidity Services Investigation.” Attorney Advertising. Prior results do not guarantee or predict a similar outcome.
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