Shareholders filed a class action suit against magicJack VocalTec Ltd (NASDAQ:CALL) in the U.S. District Court for the Southern District of New York. The lawsuit filed accounts for any person or entity that bought common stock of magicJack between February 28, 2012 and January 8, 2013.
If you have purchased shares of magicJack VocalTec Ltd (NASDAQ:CALL) between February 28, 2012 and January 8, 2013, call 1-800-934-2921 right now to protect your rights.
Filing deadline: March 19, 2013
Consistent with the complaint, investors are alleging that magicJack, including certain leading company executives violated the Securities Exchange Act of 1934 by supplying considerably fabricated and deceptive statements about magicJack VocalTec's firm, operations, prospects, and compliance procedures. The complaint charges that the company misled shareholders by inflating revenue, earnings and cash flow, and as such, shares of magicJack traded at artificially inflated levels. Shareholders taking part in this class action suit are asking the company to recoup damages in view of the allegations.
During June 2012, magicJack shares traded as low as $13.64 per share but traded as high $26.80 in September 2012.
According to available financial records, magicJack had several discrepancies or inconsistencies in its financial documentations, which required amending later.
On January 9, 2012, Copperfield Research published a report declaring that magicJack altered data on financial statements filed with the U.S. Securities and Exchange Commission to mislead the public intentionally. The report cited embellishment of revenues and overstatement of profitability to conceal decreasing sales momentum.
Since then, magicJack shares flagged as low as $14.53 per share on Jan. 10, 2013, a decline of more than 13% from January 8 when it closed at $17.70 per share. As of January 28, the stock is trading in the low $14 range. Investor confidence appears to be at a stage of stagnation and uncertainty.
Own shares of magicJack VocalTec Ltd (NASDAQ:CALL) ? Contact us to protect your rights.
If you have purchased shares of magicJack VocalTec Ltd (NASDAQ:CALL) between February 28, 2012 and January 8, 2013, call 1-800-934-2921 right now to protect your rights. Complete the form on this page or call attorney Bill Kyros at 1-800-934-2921 right now to protect your rights.
