Dell Securities Class Action
A law office recently announced that it filed a securities class action lawsuit against a computer technology company due to allegations of securities law violations.
Robbins Geller Rudman and Dowd, LLP, noted that the litigation was filed in the U.S. District Court for the Southern District of New York against Dell Inc. This includes all shareholders who acquired stock in the company during the class period between Feb. 22, 2012, and May 22, 2012.
The allegations in the lawsuit center around the company violating the Securities Exchange Act of 1934. Dell released a statement on May 22, 2012, noting that its revenue for the first fiscal quarter of 2013 was close to $500 million less than estimates provided by Wall Street, as well as the company’s previously released guidance. The reason for the lack of revenue was noted to be due to a removal of laptop and personal computer offerings in Asia, coupled with a lowered demand for the company’s business in Africa, the Middle East and Europe. When this information was released, the company had its stock drop 17 percent.
For those shareholders who are interested in becoming lead plaintiff in the case, it is necessary to file all necessary paperwork with the court within 60 days of the filing date. The position is not mandatory, and there is still an ability for shareholders to remain absent class members and collect in the event of a monetary return.
Any individuals who own interests in Dell and purchased these during the class period can have their questions answered by the law office. Both David Rosenfeld and Samuel Rudman are available to shed light on these issues, and they can be reached by telephone or email. Additionally, there is more information on the law office’s website.
Separate investigation begins
Another law firm noted that it will look into the issues related to the allegations against the company, which may become a class action lawsuit down the line.
Law office Pomerantz, LLP, explained that it was investigating the company for many of the aforementioned reasons. The areas of the Securities Exchange Act of 1934 that are being contested were Sections 10(b) and 20(a).
It is possible to discuss matters related to the investigation with the litigation firm. The best person to speak with is Robert Willoughby, and he can be reached by telephone or email.