NEW YORK, July 26, 2013 (GLOBE NEWSWIRE) -- Pomerantz Grossman Hufford Dahlstrom & Gross LLP has filed a class action lawsuit against Polycom, Inc. ("Polycom" or the "Company") (Nasdaq: PLCM ) and certain of its officers. The class action, filed in United States District Court, Northern District of California, and docketed under 13-cv-3476-SC, is on behalf of a class consisting of all persons or entities who purchased or otherwise acquired securities of Polycom between July 24, 2012 and June 23, 2013 both dates inclusive (the "Class Period"). This class action seeks to recover damages against the Company and certain of its officers and directors as a result of alleged violations of the federal securities laws pursuant to Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 and Rule 10b-5 promulgated thereunder.
If you are a shareholder who purchased Polycom securities during the Class Period, you have until September 24, 2013 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.
Polycom provides standards-based unified communications and collaboration (UC&C) solutions for voice and video collaboration. The Company offers video, voice, and content-management and content-sharing solutions, such as telepresence and conference room systems, home/work office solutions, applications for mobile devices, browser-based video collaboration, cloud-delivered services, and specialized healthcare video carts.
The Complaint alleges that throughout the Class Period, Defendants made materially false and misleading statements regarding the Company's business, operational and compliance policies. Specifically, Defendants made false and/or misleading statements and/or failed to disclose that: (i) The Company's CEO had been submitting inappropriate and irregular expense submissions, (ii) the Company's CEO was violating the Company's code of conduct and was subject to dismissal at all relevant times; (iii) the Company did not have effective internal controls over their business operations; (iv) the CEO's improper conduct created a risk that he would be terminated from the Company, jeopardizing the Company's future success, (v) as a result of the above, the Company's financial statements were materially false and misleading at all relevant times.
On July 23, 2013, Polycom announced that its CEO Andrew Miller had resigned after the board found "irregularities" in his expense submissions. The Company stated that Mr. Miller accepted responsibility for his actions. On this news, the shares of Polycom fell $1.69 cents, or over 15% percent, to $9.49 per share on July 24, 2013, on volume of over 14 million shares.
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 Grossman Hufford Dahlstrom & Gross LLP
