STEVENSON, Md., July 16, 2013 (GLOBE NEWSWIRE) -- Brower Piven, A Professional Corporation announces that a class action lawsuit has been commenced in the United States District Court for the Southern District of New York on behalf of purchasers of IEC Electronics Corp. ("IEC" or the "Company") (NYSE: IEC ) securities during the period between February 8, 2012 and May 21, 2013, inclusive (the "Class Period").
If you have suffered a net loss from investment in IEC Electronics Corp. securities purchased on or after February 8, 2012, and held through any of the revelations of negative information on May 1, 2013, May 20, 2013, and/or May 21, 2013, as described below, you may obtain additional information about this lawsuit and your ability to become a lead plaintiff by contacting Brower Piven at www.browerpiven.com , by email at hoffman@browerpiven.com , by calling 410/415-6616, or at Brower Piven, A Professional Corporation, 1925 Old Valley Road, Stevenson, Maryland 21153. Attorneys at Brower Piven have combined experience litigating securities and class action cases of over 60 years.
No class has yet been certified in the above action. Members of the Class will be represented by the lead plaintiff and counsel chosen by the lead plaintiff. If you wish to choose counsel to represent you and the Class, you must apply to be appointed lead plaintiff no later than August 27, 2013 and be selected by the Court. The lead plaintiff will direct the litigation and participate in important decisions including whether to accept a settlement and how much of a settlement to accept for the Class in the action. The lead plaintiff will be selected from among applicants claiming the largest loss from investment in Company units during the Class Period.
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 Company was improperly accounting for work-in-process inventory for one of its subsidiaries and that its gross profit was overstated. According to the complaint, following the Company's May 1, 2013 disclosure that it would restate its consolidated financial statements for the fiscal year ended September 30, 2012, the quarterly periods during its fiscal year 2012, and the Company's quarter ended December 28, 2012, the Company's May 20, 2013 disclosure that the Audit Committee had determined that further review of the facts and circumstances giving rise to the restatements was necessary before the Company's financial statements could be finalized and filed, and the Company's May 21, 2013 disclosure that it had received a delisting notice from the New York Stock Exchange as a result of its failure to timely file its Quarterly Report for the quarter ended March 29, 2013, the value of IEC shares declined significantly.
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.
Charles J. Piven Brower Piven, A Professional Corporation Stevenson, Maryland 410/415-6616
