NEW YORK, July 31, 2013 (GLOBE NEWSWIRE) -- Gainey McKenna & Egleston announces that a class action lawsuit has been filed in United States District Court for the Northern District of California on behalf of purchasers of Polycom, Inc. ("Polycom" or the "Company") (Nasdaq:PLCM) between July 24, 2012 and June 23, 2013, seeking remedies under the federal securities laws.
The Complaint alleges that throughout the Class Period, Defendants made materially false and misleading statements regarding the Company's business, operational and compliance policies. Specifically, the Complaint alleges Defendants made false and/or misleading statements and/or failed to disclose that: (i) The Company's CEO had been submitting inappropriate and irregular expense submissions; (ii) the Company's CEO was violating the Company's code of conduct and was subject to dismissal at all relevant times; (iii) the Company did not have effective internal controls over their business operations; (iv) the CEO's improper conduct created a risk that he would be terminated from the Company, jeopardizing the Company's future success, and (v) as a result of the above, the Company's financial statements were materially false and misleading at all relevant times.
On July 23, 2013, Polycom announced that its CEO Andrew Miller had resigned after the board found "irregularities" in his expense submissions. The Company stated that Mr. Miller accepted responsibility for his actions. On this news, the shares of Polycom fell $1.69 cents, or over 15% percent, to $9.49 per share on July 24, 2013, on volume of over 14 million shares.
If you wish to serve as lead plaintiff, you must move the Court no later than September 24, 2013. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation. If you wish to join the litigation, or to discuss your rights or interests regarding this class action, please contact Thomas J. McKenna, Esq. or Gregory M. Egleston, Esq. of Gainey McKenna & Egleston at (212) 983-1300, or via e-mail at email@example.com or firstname.lastname@example.org.
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CONTACT: Thomas J. McKenna, Esq. Gregory M. Egleston, Esq. Gainey McKenna & Egleston (212) 983-1300 email@example.comSource:Gainey McKenna& Egleston