SHAREHOLDER ALERT: Pomerantz Law Firm Announces the Filing of a Class Action Against Quiksilver Inc. and Certain Officers --...
April 17 2015 - 4:47PM
Pomerantz LLP announces that a class action lawsuit has been filed
against Quiksilver Inc. (“Quiksilver” or the “Company”) (NYSE:ZQK)
and certain of its officers. The class action, filed in United
States District Court, Central District of California, is on behalf
of a class consisting of all persons or entities who purchased
Quiksilver securities between June 6, 2014 and March 26, 2015,
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 Quiksilver
securities during the Class Period, you have until June 1, 2015 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.
Quiksilver designs, develops, and distributes
branded apparel, footwear, accessories, and related products
primarily for men, women, and children. Its products are for
various activities, including casual and outdoor lifestyle
associated with surfing, skateboarding, snowboarding, BMX and
motocross, and rally car.
The complaint alleges that during the Class Period,
Defendants made false and/or misleading statements, and failed to
disclose material adverse facts about the Company’s business,
operations, prospects and performance. Specifically, during
the Class Period, Defendants made false and/or misleading
statements and/or failed to disclose that: (1) the Company
lacked adequate internal controls over financial reporting; and (2)
as a result of the foregoing, the Company’s financial statements
were materially false and misleading at all relevant
times.
On March 4, 2015, the Company announced that it
would delay its first quarter earnings report due to its audit
committee’s investigation of a “revenue cut-off issue.”
On this news, shares of Quiksilver fell $0.09 per
share or approximately 5% from its previous closing price to close
at $1.90 per share on March 4, 2015.
On March 26, 2015, the Company filed an amended
Form 10-K for the fiscal year ended October 31, 2014 (the “Amended
2014 10-K”), which revealed that its internal control over
financial reporting was not effective as of October 31, 2014.
On this news, shares of Quiksilver fell $0.35 per
share or over 15% from its previous closing price to close at $1.90
per share on March 27, 2015.
On March 27, 2015, the Company announced the abrupt
removal of Defendant Mooney, effective March 27, 2015 and sudden
resignation of Defendant Shields, effective April 3, 2015.
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 LLP
rswilloughby@pomlaw.com