NEW YORK, April 20, 2016 (GLOBE NEWSWIRE) -- Pomerantz LLP announces that a class action lawsuit has been filed against PTC Inc. (“PTC” or the “Company”) (NASDAQ:PTC) and certain of its officers. The class action, filed in United States District Court, District of Massachusetts, is on behalf of a class consisting of all persons or entities who purchased or otherwise acquired PTC securities between November 24, 2011 and July 29, 2015, both dates inclusive (the “Class Period”). This class action seeks to recover damages against Defendants for alleged violations of the federal securities laws under the Securities Exchange Act of 1934 (the “Exchange Act”).
If you are a shareholder who purchased PTC securities during the Class Period, you have until May 6, 2016 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, ext. 9980. Those who inquire by e-mail are encouraged to include their mailing address, telephone number, and number of shares purchased.
PTC designs, manufactures, and sells Product Lifecycle Management Systems software (i.e., software that manages a company’s products from design through manufacturing and distribution) and maintains operations in the Americas, Europe, and Asia Pacific, including China.
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) 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”); (ii) PTC’s books and records were inaccurate and PTC failed to maintain sufficient internal accounting controls; and (iii) as a result of the foregoing, PTC’s public statements were materially false and misleading at all relevant times.
On July 9, 2015, during aftermarket hours 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, shares of PTC fell $2.00 per share or approximately 5% from its previous closing price to close at $38.78 per share on July 10, 2015.
On July 29, 2015, during aftermarket hours 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, shares of PTC fell $1.57 per share or approximately 4% from its previous closing price to close at $36.23 per share on July 30, 2015.
On February 16, 2016, the DOJ issued a press release announcing that it entered into a non-prosecution agreement (“NPA”) with PTC China in which PTC China agreed to pay a $14.54 million penalty to resolve the government’s investigation into whether PTC China improperly provided recreational travel to Chinese government officials in violation of the FCPA.
On February 16, 2016, the SEC issued a press release announcing that it reached a settlement with PTC (the “SEC Settlement”) in which PTC agreed to pay $11,858,000 in disgorgement plus $1.764 million in prejudgment interest in connection with the SEC’s investigation into whether PTC China improperly provided recreational travel to Chinese government officials in violation of the FCPA.
The Pomerantz Firm, with offices in New York, Chicago, Florida, and Los Angeles, 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 80 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