The Klein Law Firm announces that a class action complaint has been filed on behalf of shareholders of Kulicke and Soffa Industries, Inc. (NASDAQ: KLIC) who purchased shares between November 16, 2017 and May 10, 2018. The action, which was filed in the United States District Court for the Central District of California, alleges that the Company violated federal securities laws.
In particular, the KLIC lawsuit alleges that (1) Kulicke and Soffa Industries, Inc.'s consolidated financial statements for the fiscal year ending September 30, 2017 could no longer be relied upon due to misstated warranty accruals; and (2) as a result, Defendants' public statements were materially false and misleading at all relevant times. On May 10, 2018, Kulicke and Soffa issued a press release disclosing it will not file its Quarterly Report on Form 10-Q with the U.S. Securities and Exchange Commission in a timely manner. The Company stated it had “learned of certain unauthorized transactions by a senior finance employee of the Company” and begun an investigation with the assistance of outside advisors. Kulicke and Soffa has also discovered “that certain warranty accruals in prior periods had been accounted for incorrectly and therefore misstated.”
Shareholders have until July 10, 2018 to petition the court for lead plaintiff status. Your ability to share in any recovery does not require that you serve as lead plaintiff. You may choose to be an absent class member.
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