Former United States Securities and Exchange Commission attorney Willie Briscoe, founder of The Briscoe Law Firm, PLLC, and the securities litigation firm of Powers Taylor, LLP announce that the firms are investigating legal claims against the officers and Board of Directors of THQ, Inc. (“THQ” or “THQI”) (NASDAQ: THQI) related to potential securities violations by the THQ between May 3, 2011 and February 3, 2012 (the “Class Period”). “Recent revelations about alleged improper business practices and procedures regarding key aspects of THQ’s business and other misleading financial statements have prompted the firms to investigate possible breaches of fiduciary duties and other violations of state law by THQ’s officers and directors. Based on our investigation, we are prepared to pursue litigation to preserve the company and the value of THQ/THQI stock for all shareholders,” said shareholder rights attorney Willie Briscoe. If you are an affected investor and you want to learn more about the lawsuit or join the action, contact Patrick Powers at Powers Taylor, LLP, toll free (877) 728-9607, via e-mail at firstname.lastname@example.org, or Willie Briscoe at The Briscoe Law Firm, PLLC, (214) 706-9314, or via email at WBriscoe@TheBriscoeLawFirm.com. There is no cost or fee to you. In a recently filed federal class action complaint, THQ and certain of its officers and directors were charged with violating certain provisions of the Securities Exchange Act of 1934. Specifically, the complaint alleges that defendants misrepresented and/or failed to disclose that: (a) the demand for THQ’s uDraw TM GameTablet TM was well below internal expectations and THQ would have to take back, or provide price protection, on hundreds of thousands of uDraw units that it had sold; (b) the uDraw TM GameTablet TM for the Xbox 360® and Sony PlayStation® 3 was a failure and not being purchased by owners of those gaming systems, and (c) as a result of the foregoing, defendants lacked a reasonable basis for their positive statements about THQ and its prospects. When THQ finally reported its financial results for its third fiscal quarter of 2011, THQI shares dropped approximately 30% on heavy trading volume. The Briscoe Law Firm, PLLC is a full service business litigation, commercial transaction, and public advocacy firm with more than 20 years of experience in complex litigation and transactional matters. Powers Taylor, LLP is a boutique litigation law firm that handles a variety of complex business litigation matters, including claims of investor and stockholder fraud, shareholder oppression, shareholder derivative suits, and security class actions.
Shares of THQ (Nasdaq:THQI) were gapping down Wednesday morning with an open price 10.3% lower than Tuesday's closing price. The stock closed at 68 cents yesterday and opened today's trading at 61 cents.
Shares of THQ (Nasdaq:THQI) were gapping down Friday morning with an open price 22.4% lower than Thursday's closing price. The stock closed at 76 cents yesterday and opened today's trading at 59 cents.