NEW YORK, Jan. 31, 2014 (GLOBE NEWSWIRE) -- Pomerantz LLP has filed a class action lawsuit against Electronic Arts, Inc. ("Electronic Arts" or the "Company") (Nasdaq:EA) and certain of its officers. The class action, filed in United States District Court, Northern District of California, and docketed under 14-cv-00188, is on behalf of a class consisting of all persons or entities who purchased or otherwise acquired Electronic Arts securities between July 24, 2013 and December 4, 2013 both dates inclusive (the "Class Period"). This class action seeks to recover damages against Defendants for alleged violations of the federal securities laws pursuant to Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 and Rule 10b-5 promulgated thereunder.
If you are a shareholder who purchased Electronic Arts securities during the Class Period, you have until February 14, 2014 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 firstname.lastname@example.org 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.
Electronic Arts develops, markets, publishes, and distributes video game software content and services that can be played by consumers on a variety of internet based electronic devices for video game consoles, personal computers, mobile phones, tablets and electronic readers.
The Complaint alleges that throughout the Class Period, Defendants made false and/or misleading statements, as well as failed to disclose material adverse facts about the Company's business, operations, and prospects. Specifically, Defendants issued materially false and misleading statements highlighting the purported strength of the Company's rollout of version 4 of its Battlefield video game series, which had provided approximately 11% of its revenues in fiscal 2012. Based on the purported strength of the Battlefield 4 rollout then underway, defendants issued strong fiscal 2014 financial guidance for the Company and actually increased that guidance on October 29, 2013. The price of Electronic Arts' stock steadily climbed on these statements, reaching a Class Period high of $28.13 per share by August 23, 2013.
On November 15, 2013, the day Sony released its new Play Station 4 ("PS4") console, it was disclosed that players of Electronic Arts' games were being subjected to multiple glitches and significant crashes when attempting to play Electronic Arts' titles on PS4. On this news, shares of Electronic Arts fell $1.90 per share to $24.06, or more than 7.31%, on November 15, 2013.
On December 4, 2013, it was disclosed through discussions the Company held with video game bloggers that due to bugs, connectivity issues, server limitations, and various other problems plaguing Battlefield 4, Electronic Arts had been forced to indefinitely halt the Battlefield 4 rollout and other projects until the problems with Battlefield 4 could be fixed. On this news, shares of Electronic Arts fell $1.33 per share to $21.01, or more than 5.95%, on December 5, 2013.
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.
CONTACT: Robert S. Willoughby Pomerantz LLP email@example.comSource:Pomerantz Grossman Hufford Dahlstrom & Gross LLP