SAN DIEGO, Aug. 13, 2013 (GLOBE NEWSWIRE) -- The Shareholders Foundation, Inc. announces that a lawsuit was filed on behalf of certain purchasers of Polycom Inc (PLCM) common stock over alleged violations of Federal Securities Laws by Polycom Inc in connection with certain allegedly false and misleading statements made between July 24, 2012 and June 23, 2013.
Investors who purchased shares of Polycom Inc (PLCM) have certain options and should contact the Shareholders Foundation at mail(at)shareholdersfoundation.com or call +1(858) 779 - 1554.
The plaintiff alleges that the defendants made false and/or misleading statements and/or failed to disclose that Polycom's CEO had been submitting inappropriate and irregular expense submissions, that Polycom's CEO was violating the Company's code of conduct and was subject to dismissal at all relevant times, that Polycom Inc did not have effective internal controls over their business operations, that the CEO's improper conduct created a risk that he would be terminated from Polycom Inc, jeopardizing the Company's future success, and that as a result of the above, Polycom's financial statements were materially false and misleading at all relevant times.
On July 23, 2013, Polycom Inc reported its financial results for the second quarter ended June 30, 2013. Among other things, Polycom Inc also announced the appointment of Kevin Parker as Interim Chief Executive Officer. Polycom Inc said that Mr. Parker replaces Andrew Miller who resigned as Chief Executive Officer, President and a member of the Board of Directors on July 19, 2013, after the Audit Committee of the Board of Directors found certain irregularities in Mr. Miller's expense submissions, for which Mr. Miller accepted responsibility.
Shares of Polycom Inc (PLCM) declined from $11.70 per share in Monday 22, 2013, to $9.37 per share in July 25, 2013.
The plaintiff seeks to recover damages.
Those who purchased shares of Polycom Inc (PLCM) have certain options and should contact the Shareholders Foundation, Inc. by e-mail at mail@shareholdersfoundation.com or call +1 (858) 779-1554.
The Shareholders Foundation, Inc. is a professional portfolio legal monitoring and settlement claim filing service, which does research related to shareholder issues and informs investors of securities class actions, settlements, judgments, and other legal related news to the stock/financial market. The Shareholders Foundation, Inc. is not a law firm. The information is provided as a public service. It is not intended as legal advice and should not be relied upon.