NEW YORK, April 15, 2016 (GLOBE NEWSWIRE) -- Faruqi & Faruqi, LLP, a leading national securities law firm, reminds investors in PTC Inc. (“PTC” or the “Company”) (NASDAQ:PTC) of the May 6, 2016 deadline to seek the role of lead plaintiff in a federal securities class action lawsuit filed against the Company and certain officers.
The lawsuit has been filed in the U.S. District Court for the District of Massachusetts on behalf of all those who purchased PTC securities between November 24, 2011 and July 29, 2015 (the “Class Period”). The case, Crandall v. PTC Inc. et al, No. 1:16-cv-10471 was filed on March 7, 2016, and has been assigned to Judge Mary Page Kelley.
The lawsuit focuses on whether the Company and its executives violated federal securities laws by making false and/or misleading statements and/or failed to disclose that: (1) PTC failed to disclose and cooperate with the Securities and Exchange Commission (“SEC”) and the Department of Justice (“DOJ”) in connection with its investigation into whether PTC China improperly provided recreational travel to Chinese government officials in violation of the Foreign Corrupt Practices Act (“FCPA”); (2) PTC’s books and records were inaccurate and PTC failed to maintain sufficient internal accounting controls; and (3) as a result, the Company’s public statements were materially false and misleading.
Specifically, the lawsuit alleges that during aftermarket hours on July 9, 2015, the Company issued a press release announcing its preliminary third quarter 2015 results and announcing that it expects to record a minimum liability of approximately $13.6 million in connection with its previously disclosed China investigation. On this news, share price fell $2.00 to close at $38.78 per share, a ~5% drop, on July 10, 2015.
Additionally, the lawsuit alleges that during aftermarket hours on July 29, 2015, the Company issued a press release announcing its third quarter 2015 results and announcing that it recorded a minimum liability of $13.6 million in connection with its previously disclosed China investigation. On this news, share price fell $ $1.57 to close at $36.23 per share, a ~ 4% drop, on July 30, 2015.
Request more information now by clicking here: www.faruqilaw.com/PTC . There is no cost or obligation to you.
Take Action
If you invested in PTC stock or options between November 24, 2011 and July 29, 2015 and would like to discuss your legal rights, visit www.faruqilaw.com/PTC. You can also contact us by calling Richard Gonnello toll free at 877-247-4292 or at 212-983-9330 or by sending an e-mail to rgonnello@faruqilaw.com. Faruqi & Faruqi, LLP also encourages anyone with information regarding PTC’s conduct to contact the firm, including whistleblowers, former employees, shareholders and others.
The court-appointed lead plaintiff is the investor with the largest financial interest in the relief sought by the class that is adequate and typical of class members who directs and oversees the litigation on behalf of the putative class. Any member of the putative class may move the Court to serve as lead plaintiff through counsel of their choice, or may choose to do nothing and remain an absent class member. Your ability to share in any recovery is not affected by the decision of whether or not to serve as a lead plaintiff.
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