The Klein Law Firm announces that a class action complaint has been filed on behalf of shareholders of Quantum Corporation (NYSE: QTM) who purchased shares between May 10, 2016 and February 7, 2018. The action, which was filed in the United States District Court for the Northern District of California, alleges that the Company violated federal securities laws.
In particular, the QTM lawsuit alleges that (i) Quantum had inappropriately accounted for revenue relating to certain transactions commencing April 1, 2016; (ii) the Company lacked adequate internal controls over financial reporting; and (iii) as a result of the foregoing, Quantumâ€™s publicly disseminated financial statements were materially false and misleading. On February 8, 2018, Quantum disclosed that in January of 2018, the Company received a subpoena from the Securities and Exchange Commission related to revenue recognition for certain transactions, prompting an internal investigation by Quantum, which remains ongoing. As a result, the Company announced that it "is postponing release of its fiscal third quarter 2018 results and its earnings conference call."
Shareholders have until April 16, 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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