On the morning of June 11, 2012, ModusLink disclosed, for the first time that the Company had continually reported inflated revenue and net income figures during the Class Period and that it would restate its financial results going back to 2007, as a result of its serious problems in how it accounted for revenues and net income, as well as the way it billed customers for certain services. The press release also stated that ModusLink President and Chief Executive Officer Joseph C. Lawler would be stepping down and also relinquishing his seat on the Board of Directors, effective immediately.In ignorance of the false and misleading nature of the statements described in the complaint, and the deceptive and manipulative devices and contrivances employed by said defendants, plaintiff and the other members of the Class relied, to their detriment, on the integrity of the market price of ModusLink common stock. Had plaintiff and the other members of the Class known the truth, they would not have purchased said common stock, or would not have purchased them at the inflated prices that were paid. If you purchased ModusLink common stock during the Class Period, you may request that the Court appoint you as lead plaintiff by August 11, 2012. A lead plaintiff is a representative party that acts on behalf of other class members in directing the litigation. In order to be appointed lead plaintiff, the Court must determine that the class member’s claim is typical of the claims of other class members, and that the class member will adequately represent the class. Under certain circumstances, one or more class members may together serve as “lead plaintiff.” Your ability to share in any recovery is not, however, affected by the decision whether or not to serve as a lead plaintiff. You may retain Wolf Haldenstein, or other counsel of your choice, to serve as your counsel in this action.
Wolf Haldenstein has extensive experience in the prosecution of securities class actions and derivative litigation in state and federal trial and appellate courts across the country. The firm has approximately 70 attorneys in various practice areas; and offices in Chicago, New York City and San Diego. The reputation and expertise of this firm in shareholder and other class litigation has been repeatedly recognized by the courts, which have appointed it to major positions in complex securities multi-district and consolidated litigation.If you wish to discuss this action or have any questions, please contact Wolf Haldenstein Adler Freeman & Herz LLP at 270 Madison Avenue, New York, New York 10016, by telephone at (800) 575-0735 (Gregory M. Nespole, Esq. or Derek Behnke), via e-mail at email@example.com or visit our website at www.whafh.com. All e-mail correspondence should make reference to ModusLink.