NEW YORK, June 2, 2014 (GLOBE NEWSWIRE) -- Wolf Haldenstein Adler Freeman & Herz LLP announces that a class action lawsuit has been filed in the United States District Court for the Southern District of New York on behalf of purchasers of Dell, Inc. ("Dell" or the "Company") (Former Nasdaq Symbol: DELL) common stock from February 22, 2012 to May 22, 2012, inclusive (the "Class Period").
The lawsuit concerns whether Dell and certain of its officers and/or directors have violated Sections 10(b) and 20(a) of the Securities Exchange Act of 1934.
On February 21, 2012, the Company announced its fiscal 2012 fourth quarter and year-end financial results. According to the Complaint, the Company, by and through certain officers and directors, allegedly made false and misleading statements concerning its strong growth in its Asia-Pacific, Japanese and European, Middle Eastern and African business regions.
On May 22, 2012, Dell issued a press release disclosing that the revenues for its fiscal 2013 first quarter were approximately $500 million less than Dell's guidance and Wall Street estimates. The Company attributed this revenue shortfall as being primarily due to the Company's decision to forgo notebook and PC sales in markets experiencing significant pricing pressures, particularly in Asia, and the weak demand for Dell's products in its Europe, the Middle East and Africa, and Asia-Pacific and Japan, markets and poor sales force productivity and execution.
On this news, shares of Dell fell $2.59, a decline of 17%, on unusually heavy trading volume, to close at $12.49 on May 23, 2012.
Wolf Haldenstein has represented individual and institutional investors for many years, serving as lead counsel in numerous cases in United States federal and state courts. Please visit the Wolf Haldenstein website (http://www.whafh.com) for more information about the firm.
If you are a shareholder of Dell, Inc. who suffered a material loss on shares purchased during the class period, you may, no later than July 21, 2014, request that the Court appoint you as lead plaintiff of the class. If you would like additional information concerning your rights in this matter, please contact us immediately:
Patrick Donovan, Esq.
Gregory Stone, Director of Case and Financial Analysis
Wolf Haldenstein Adler Freeman & Herz LLP
270 Madison Avenue
New York, New York 10016
Wolf Haldenstein Adler Freeman & Herz LLP did not file the original complaint against Dell, Inc.
Attorney Advertising. Prior results do not guarantee or predict a similar outcome.
Source:Wolf Haldenstein Adler Freeman & Herz LLP