BOSTON, Nov. 11, 2015 (GLOBE NEWSWIRE) -- Block & Leviton LLP (www.blockesq.com) has filed a class action lawsuit against Checkpoint Systems Inc. (“Checkpoint” or the “Company”) (NYSE:CKP) and three of the Company’s current or former officers following the Company’s restatement of previously issued financial statements, resulting in a dramatic drop in the Company’s stock price, costing shareholders tens of millions in losses.
The case is pending in the United States District Court for the District of New Jersey and is captioned Meier v. Checkpoint Systems, Inc., et al. The lawsuit was brought on behalf of all investors who purchased or otherwise acquired Checkpoint securities (the “Class”) between March 5, 2015 and November 3, 2015 (the “Class Period”). If you have questions about your legal rights, would like a copy of the complaint or if you have information relevant to this lawsuit, please contact either attorney Steven Harte at (617) 398-5600 or by email at Steven@blockesq.com or attorney Brad Vettraino at (617) 398-5600 or by email at Bradley@blockesq.com.
The lawsuit alleges that throughout the Class Period, the defendants made false and misleading statements and failed to disclose material information, with respect to the accounting for its quarterly income tax provisions. On November 3, 2015, Checkpoint announced in an 8-K filing with the SEC that it intended to restate certain financial statements made in its filings for the first two quarters of 2015 and that such previous statements should no longer be relied upon.
As a result of the Company’s need to restate its financial results, Checkpoint’s shares fell by more than 22% on the day the restatements were made, resulting in a loss in market capitalization of nearly $70 million.
If you wish to serve as a lead plaintiff, you must move the Court no later than January 11, 2016. As a member of the class, you may seek to file a motion to serve as a lead plaintiff, retain counsel of your choosing or take no action and remain an absent class member.
Block & Leviton represents investors for violations of securities laws as well as whistleblowing employees who provide information about their employers’ violations of law throughout the country. The firm’s lawyers have collectively been prosecuting securities cases for over 70 years, have recovered billions of dollars for investors and represent some of the nation’s largest institutional investors.
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