The Law Offices of Vincent Wong announce that a class action lawsuit has been commenced in the United States District Court for the Northern District of California on behalf of investors who purchased Quantum Corporation (NYSE: QTM) securities between May 10, 2016 and February 7, 2018.
According to the QTM lawsuit, throughout the Class Period defendants made false and/or misleading statements and/or failed to disclose that: (i) Quantum had inappropriately accounted for revenue relating to certain transactions commencing April 1, 2016; (ii) the Company lacked adequate internal controls over financial reporting; and (iii) as a result of the foregoing, Quantumâ€™s publicly disseminated financial statements were materially false and misleading. On February 8, 2018, Quantum disclosed that in January of 2018, the Company received a subpoena from the Securities and Exchange Commission related to revenue recognition for certain transactions, prompting an internal investigation by Quantum, which remains ongoing. As a result, the Company announced that it "is postponing release of its fiscal third quarter 2018 results and its earnings conference call."
If you suffered a loss in Quantum Corporation you have until April 16, 2018 to request that the Court appoint you as lead plaintiff. Your ability to share in any recovery doesn't require that you serve as a lead plaintiff.
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