NEW YORK, July 14, 2014 (GLOBE NEWSWIRE) -- Wolf Haldenstein Adler Freeman & Herz LLP announces that it has filed a class action lawsuit in the United States District Court for the District of Columbia, on behalf of all persons who purchased or otherwise acquired common stock of Liquidity Services, Inc. ("Liquidity" or the "Company") (Nasdaq: LQDT ) between February 1, 2012 through May 7, 2014, inclusive (the "Class Period"), against the Company and certain of the Company's officers and directors ("Defendants"), alleging securities fraud pursuant to Sections 10(b) and 20(a) of the Securities Exchange Act of 1934, and Rule 10b-5 promulgated thereunder.
The Washington, D.C. based company operates an online auction marketplace for wholesale, surplus and salvage assets for both the Federal government and private industry.
The litigation is styled Howard v. Liquidity Services, Inc ., Civ No.: 1:14-cv-01183. A copy of the Complaint filed in this action is available from the Court, or can be viewed on the Wolf Haldenstein Adler Freeman & Herz LLP website at www.whafh.com .
Throughout the Class Period, Liquidity falsely represented the financial condition of the Company in issuing false and misleading statements concerning the Company's current and future profitability, its growth initiatives including the integration and performance of its acquisitions, the seriousness of the competition in the industry, and the adverse effects of its declining Department of Defense business and the offsetting gains in its commercial and local and state government segments. At all relevant times, Defendants wrongfully portrayed Liquidity as a profitable, growing company with substantial potential for further growth, and falsely reassured investors that any struggles by the Company were merely temporary side effects to its lucrative growth initiative. These material misrepresentations and omissions artificially inflated the Company's stock and allowed certain Company insiders to receive a windfall from selling the Company's stock at inflated prices.
If you purchased Liquidity common stock during the Class Period, you may move to be appointed as lead plaintiff by September 12, 2014. A lead plaintiff is a representative party that acts on behalf of other class members in directing the litigation. In order to be appointed lead plaintiff, the Court must determine that the class member's claim is typical of the claims of other class members, and that the class member will adequately represent the class. Under certain circumstances, one or more class members may together serve as "lead plaintiff." Your ability to share in any recovery is not, however, affected by the decision whether or not to serve as a lead plaintiff. You may retain Wolf Haldenstein, or other counsel of your choice, to serve as your counsel in this action.
Wolf Haldenstein has extensive experience in the prosecution of securities class actions and derivative litigation in state and federal trial and appellate courts across the country. The firm has over 70 attorneys in various practice areas; and offices in New York, Chicago and San Diego. The reputation and expertise of this firm in shareholder and other class litigation has been repeatedly recognized by the courts, which have appointed it to major positions in complex securities multi-district and consolidated litigation.
If you wish to discuss this action or have any questions, please contact Wolf Haldenstein Adler Freeman & Herz LLP by telephone at (800) 575-0735, via e-mail at classmember@whafh.com , or visit our website at www.whafh.com . All e-mail correspondence should make reference to "Liquidity Services Inc., litigation."
Contact:
Wolf Haldenstein Adler Freeman & Herz LLP
Patrick Donovan, Esq. or Gregory Stone
Email: donovan@whafh.com , gstone@whafh.com or classmember@whafh.com
Tel: (800) 575-0735 or (212) 545-4774
