SAN FRANCISCO, April 14, 2016 (GLOBE NEWSWIRE) -- Hagens Berman Sobol Shapiro LLP, a national investor-rights law firm, reminds PTC, Inc. (NASDAQ:PTC) investors of the May 6, 2016 lead plaintiff deadline in the securities fraud class action lawsuit related to alleged misstatements about the investigations into Company’s compliance with the Foreign Corrupt Practices Act (FCPA).
If you suffered losses because of your purchases of PTC between November 24, 2011 and July 29, 2015, or have information that will help our investigation contact Hagens Berman Partner Reed Kathrein, who is leading the firm’s investigation by calling 510-725-3000, emailing PTC@hbsslaw.com or visiting https://www.hbsslaw.com/cases/PTC. The lawsuit was filed in the U.S. District Court for the District of Massachusetts and investors have until May 6, 2016 to move the court to participate as a lead plaintiff.
The class action complaint alleges that PTC and certain of its executives made false and misleading statements and/or failed to disclose that: (1) PTC did not inform the Securities and Exchange Commission (“SEC”) and the Department of Justice (“DOJ”) of the full results of its investigation into whether PTC China violated the Foreign Corrupt Practices Act (“FCPA”) by improperly providing recreational travel to Chinese government officials; (2) PTC was not cooperating with the SEC and DOJ in connection with their investigations into whether PTC China’s conduct violated the FCPA; (3) PTC’s books and records were inaccurate and its internal controls were ineffective; and (4) as a result, PTC’s public statements were materially false and misleading at all relevant times.
On July 29, 2015, PTC issued a press release announcing the Company recorded a $13.6 million liability associated with pending discussions with the SEC and DOJ to resolve their investigations of PTC. The Company reported that $13.6 million was the minimum amount of liability that it expected to incur if it could settle with the SEC and DOJ. Following this news, PTC’s common stock price declined $1.57 per share, or over 4%, to close on July 30, 2015 at $36.23 per share.
Whistleblowers: Persons with non-public information regarding PTC should consider their options to help in the investigation or take advantage of the SEC Whistleblower program. Under the new SEC whistleblower program, whistleblowers who provide original information may receive rewards totaling up to 30 percent of any successful recovery made by the SEC. For more information, call Reed Kathrein at 510-725-3000 or email PTC@hbsslaw.com.
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