NEW YORK, July 17, 2015 (GLOBE NEWSWIRE) -- Pomerantz LLP announces that a class action lawsuit has been filed against ServiceSource International, Inc. (“ServiceSource” or the “Company”) (NASDAQ:SREV) and certain of its officers. The class action, filed in United States District Court, Northern District of California, San Francisco Division, is on behalf of a class consisting of all persons or entities who purchased ServiceSource securities between January 22, 2014 and May 1, 2014 inclusive (the “Class Period”). This class action seeks to recover damages against Defendants for alleged violations of the federal securities laws under the Securities Exchange Act of 1934 (the “Exchange Act”).
If you are a shareholder who purchased ServiceSource securities during the Class Period, you have until September 8, 2015 to ask the Court to appoint you as Lead Plaintiff for the class. A copy of the Complaint can be obtained at www.pomerantzlaw.com. To discuss this action, contact Robert S. Willoughby at rswilloughby@pomlaw.com or 888.476.6529 (or 888.4-POMLAW), toll free, ext. 9980. Those who inquire by e-mail are encouraged to include their mailing address, telephone number, and number of shares purchased.
ServiceSource provides recurring revenue management, maintenance, support, and subscription for technology and technology-enabled healthcare and life sciences companies. The company operates in two segments: Managed Services, and Cloud and Business Intelligence. It offers end-to-end management and optimization of the service-contract renewals process, including data management, quoting, selling, and recurring revenue business intelligence.
The Complaint alleges that throughout the Class Period, Defendants issued false and misleading statements and/or failed to disclose material adverse facts about the Company’s business, operations, and prospects. Specifically, Defendants including Mike Smerklo, President and CEO of ServiceSource: (i) deceived the investing public regarding ServiceSource’s business, operations and management and the intrinsic value of ServiceSource common stock; (ii) allowed Smerklo and certain Company insiders to collectively sell their personally held ServiceSource common stock for millions of dollars in proceeds; (iii) allowed Smerklo to obtain millions of dollars in cash bonuses and other perks for fiscal 2012; and (v) caused plaintiff and members of the Class to purchase ServiceSource common stock at artificially inflated prices.
The Pomerantz Firm, with offices in New York, Chicago, Florida, and Los Angeles, is acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class litigation. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, the Pomerantz Firm pioneered the field of securities class actions. Today, more than 70 years later, the Pomerantz Firm continues in the tradition he established, fighting for the rights of the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered numerous multimillion-dollar damages awards on behalf of class members. See www.pomerantzlaw.com.