NEW YORK, April 17, 2015 (GLOBE NEWSWIRE) -- Pomerantz LLP announces that a class action lawsuit has been filed against Quiksilver Inc. (“Quiksilver” or the “Company”) (NYSE: ZQK ) and certain of its officers. The class action, filed in United States District Court, Central District of California, is on behalf of a class consisting of all persons or entities who purchased Quiksilver securities between June 6, 2014 and March 26, 2015, inclusive (the “Class Period”). This class action seeks to recover damages against Defendants for alleged violations of the federal securities laws under the Securities Exchange Act of 1934 (the “Exchange Act”).
If you are a shareholder who purchased Quiksilver securities during the Class Period, you have until June 1, 2015 to ask the Court to appoint you as Lead Plaintiff for the class. A copy of the Complaint can be obtained at www.pomerantzlaw.com . To discuss this action, contact Robert S. Willoughby at rswilloughby@pomlaw.com or 888.476.6529 (or 888.4-POMLAW), toll free, x237. Those who inquire by e-mail are encouraged to include their mailing address, telephone number, and number of shares purchased.
Quiksilver designs, develops, and distributes branded apparel, footwear, accessories, and related products primarily for men, women, and children. Its products are for various activities, including casual and outdoor lifestyle associated with surfing, skateboarding, snowboarding, BMX and motocross, and rally car.
The complaint alleges that during the Class Period, Defendants made false and/or misleading statements, and failed to disclose material adverse facts about the Company’s business, operations, prospects and performance. Specifically, during the Class Period, Defendants made false and/or misleading statements and/or failed to disclose that: (1) the Company lacked adequate internal controls over financial reporting; and (2) as a result of the foregoing, the Company’s financial statements were materially false and misleading at all relevant times.
On March 4, 2015, the Company announced that it would delay its first quarter earnings report due to its audit committee’s investigation of a “revenue cut-off issue.”
On this news, shares of Quiksilver fell $0.09 per share or approximately 5% from its previous closing price to close at $1.90 per share on March 4, 2015.
On March 26, 2015, the Company filed an amended Form 10-K for the fiscal year ended October 31, 2014 (the “Amended 2014 10-K”), which revealed that its internal control over financial reporting was not effective as of October 31, 2014.
On this news, shares of Quiksilver fell $0.35 per share or over 15% from its previous closing price to close at $1.90 per share on March 27, 2015.
On March 27, 2015, the Company announced the abrupt removal of Defendant Mooney, effective March 27, 2015 and sudden resignation of Defendant Shields, effective April 3, 2015.
The Pomerantz Firm, with offices in New York, Chicago, Florida, and San Diego, is acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class litigation. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, the Pomerantz Firm pioneered the field of securities class actions. Today, more than 70 years later, the Pomerantz Firm continues in the tradition he established, fighting for the rights of the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered numerous multimillion-dollar damages awards on behalf of class members. See www.pomerantzlaw.com .
Robert S. Willoughby Pomerantz LLP rswilloughby@pomlaw.com
