STEVENSON, Md., Aug. 14, 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 District of Massachusetts on behalf of purchasers of Microsoft Corporation ("Microsoft" or the "Company") (Nasdaq:MSFT) common stock during the period between April 18, 2013 and July 18, 2013, inclusive (the "Class Period").
If you have suffered a net loss from investment in Microsoft Corporation common stock purchased on or after April 18, 2013, and held through the revelation of negative information on July 18, 2013, as described below, at no cost to you, 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 October 11, 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 Surface RT, Microsoft's first tablet product, was experiencing poor customer demand and lackluster sales, that Surface RT inventory experienced a material decline in value during the quarter ended March 31, 2013, and that the Company had accumulated a large excess of overvalued Surface RT inventory as of March 31, 2013. According to the Complaint, following the Company's July 18, 2013 disclosure that its fiscal 2013 fourth quarter, ended June 30, 2013, had been adversely impacted by a $900 million inventory charge related to Surface RT inventory adjustments, the value of Microsoft 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.