NEW YORK, June 05, 2017 (GLOBE NEWSWIRE) -- Faruqi & Faruqi, LLP, a leading national securities law firm, reminds investors in PCM, Inc. (“PCM” or the “Company”) (NASDAQ:PCMI) of the July 3, 2017 deadline to seek the role of lead plaintiff in a federal securities class action that has been filed against the Company.
If you invested in PCM stock or options between June 17, 2015 and May 2, 2017 and would like to discuss your legal rights, click here: www.faruqilaw.com/PCMI. There is no cost or obligation to you.
You can also contact us by calling Richard Gonnello toll free at 877-247-4292 or at 212-983-9330 or by sending an e-mail to rgonnello@faruqilaw.com.
The lawsuit has been filed in the U.S. District Court for the Central District of California on behalf of all those who purchased PCM securities between June 17, 2015 and May 2, 2017 (the “Class Period”). The case, Miller v. PCM, Inc. et al, No. 2:17-cv-03364 was filed on May 3, 2017.
The lawsuit focuses on whether the Company and its executives violated federal securities laws by making false and/or misleading statements and/or failing to disclose that: (1) En Pointe Technologies Sales, Inc.’s (“En Pointe”) financial statements that PCM filed with the Securities and Exchange Commission materially overstated the profitability of the business; and (2) consequently, PCM’s public statements were materially false and misleading at all relevant times.
Specifically, on May 2, 2017, Seeking Alpha published an article discussing a lawsuit between Collab9, En Pointe’s previous owner, and PCM surrounding PCM’s acquisition of En Pointe. The article stated that PCM has alleged that En Pointe’s net income was overstated due to several accounting misrepresentations.
On this news, PCM’s share price fell from $24.35 per share on May 1, 2017 to a closing price of $22.30 on May 2, 2017 —a $2.05 or a 8.42% drop.
The court-appointed lead plaintiff is the investor with the largest financial interest in the relief sought by the class who is adequate and typical of class members who directs and oversees the litigation on behalf of the putative class. Any member of the putative class may move the Court to serve as lead plaintiff through counsel of their choice, or may choose to do nothing and remain an absent class member. Your ability to share in any recovery is not affected by the decision to serve as a lead plaintiff or not.
Faruqi & Faruqi, LLP also encourages anyone with information regarding PCM’s conduct to contact the firm, including whistleblowers, former employees, shareholders and others.
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