STEVENSON, Md., Jan. 24, 2013 (GLOBE NEWSWIRE) -- Brower Piven, A Professional Corporation announces that a class action lawsuit has been commenced in the United States District Court for the Southern District of New York on behalf of purchasers of magicJack VocalTec Ltd. ("magicJack" or the "Company") (Nasdaq:CALL) common stock during the period between February 28, 2012 and January 8, 2013, inclusive (the "Class Period").
If you have suffered a net loss from investment in magicJack VocalTec Ltd. common stock purchased on or after February 28, 2012, and held through January 8, 2013, you may obtain additional information about this lawsuit and your ability to become a lead plaintiff by contacting Brower Piven at www.browerpiven.com, by email at firstname.lastname@example.org, by calling 410/415-6616, or at Brower Piven, A Professional Corporation, 1925 Old Valley Road, Stevenson, Maryland 21153. Attorneys at Brower Piven have combined experience litigating securities and class action cases of over 60 years.
No class has yet been certified in the above action. Members of the Class will be represented by the lead plaintiff and counsel chosen by the lead plaintiff. If you wish to choose counsel to represent you and the Class, you must apply to be appointed lead plaintiff no later than March 19, 2013 and be selected by the Court. The lead plaintiff will direct the litigation and participate in important decisions including whether to accept a settlement and how much of a settlement to accept for the Class in the action. The lead plaintiff will be selected from among applicants claiming the largest loss from investment in the Company during the Class Period. You are not required to have sold your shares to seek damages or to serve as a Lead Plaintiff.
The complaint accuses the defendants of violations of the Securities Exchange Act of 1934 by virtue of the defendants' failure to disclose during the Class Period that the Company overstated its revenue, earnings, cash flow and/or cash balance by, among other things, inconsistently treating its allowance for doubtful accounts and billing adjustments, altering the estimated life of its assets, causing a decrease in its depreciation expense, and claiming that it was writing down its excess inventory of chips when it was actually writing down finished products in an effort to hide weakening sales momentum. According to the Complaint, following a January 9, 2013 report by Copperfield Research that disclosed that the Company had been altering and overstating its revenue and profitability, the value of magicJack shares declined significantly.
If you choose to retain counsel, you may retain Brower Piven without financial obligation or cost to you, or you may retain other counsel of your choice. You need take no action at this time to be a member of the class.
CONTACT: Charles J. Piven Brower Piven, A Professional Corporation Stevenson, Maryland 410/415-6616 email@example.comSource: Brower Piven, A Professional Corporation