STEVENSON, Md., July 06, 2017 (GLOBE NEWSWIRE) -- The securities litigation law firm of Brower Piven, A Professional Corporation, announces that a class action lawsuit has been commenced in the United States District Court for the District of New Jersey on behalf of purchasers of Quadrant 4 System Corporation (Other OTC: QFOR ) (“Quadrant 4” or the “Company”) securities during the period between August 14, 2012 and June 30, 2017, inclusive (the “Class Period”). Investors who wish to become proactively involved in the litigation have until September 5, 2017 to seek appointment as lead plaintiff.
If you wish to choose counsel to represent you and the class, you must apply to be appointed lead plaintiff and be selected by the Court. The lead plaintiff will direct the litigation and participate in important decisions including whether to accept a settlement for the class in the action. The lead plaintiff will be selected from among applicants claiming the largest loss from investment in Quadrant 4 securities during the Class Period. Members of the class will be represented by the lead plaintiff and counsel chosen by the lead plaintiff. No class has yet been certified in the above action.
The complaint accuses the defendants of violations of the Securities Exchange Act of 1934 by virtue of the defendants’ failure to disclose during the Class Period that the former CEO Nandu Thondavadi (“Thondavadi”) and former CFO Dhru Desai (“Desai”) engaged in an accounting fraud scheme, stole more than $4 million from the Company, and caused the Company to understate its liabilities, inflate its revenues and assets and evade scrutiny by lying to Quadrant 4’s auditors and providing them with forged and doctored documents.
According to the complaint, following a November 30, 2016 announcement by the Department of Justice that Thondavadi was charged with misrepresenting the Company’s financial condition, and a June 30, 2017 announcement by the U.S. Securities and Exchange Commission that it charged the Company and Thondavadi and Desai with accounting fraud, the value of Quadrant 4 shares declined significantly.
If you have suffered a loss in excess of $100,000 from investment in Quadrant 4 securities purchased on or after August 14, 2012 and held through the revelation of negative information during and/or at the end of the Class Period and would like to learn more about this lawsuit and your ability to participate as a lead plaintiff, without cost or obligation to you, please visit our website at http://www.browerpiven.com/currentsecuritiescases.html . You may also request more information by contacting Brower Piven either by email at hoffman@browerpiven.com or by telephone at (410) 415-6616. Brower Piven also encourages anyone with information regarding the Company’s conduct during the period in question to contact the firm, including whistleblowers, former employees, shareholders and others.
Attorneys at Brower Piven have extensive experience in litigating securities and other class action cases and have been advocating for the rights of shareholders since the 1980s. If you choose to retain counsel, you may retain Brower Piven without financial obligation or cost to you, or you may retain other counsel of your choice. You need take no action at this time to be a member of the class.
CONTACT: Charles J. Piven Brower Piven, A Professional Corporation 1925 Old Valley Road Stevenson, Maryland 21153 Telephone: 410-415-6616 hoffman@browerpiven.com
