DEADLINE ALERT: Bronstein, Gewirtz & Grossman, LLC Notifies Investors of Class Action against SuperCom Ltd. (SPCB) and Lead Plaintiff Deadline: February 8, 2016
Feb. 8, 2016 10:01 am
NEW YORK, NY / ACCESSWIRE / February 8, 2016 / Bronstein, Gewirtz & Grossman, LLC notifies investors that a securities class action has been filed in the U.S. District Court for the Southern District of New York on behalf of those who purchased shares of SuperCom Ltd. (“SuperCom” or the “Company”) (NasdaqCM: SPCB) between March 27, 2014 and November 27, 2015, inclusive (the "Class Period"). Such investors are advised to contact Peretz Bronstein or his investor relations analyst Yael Hurwitz at info@bgandg.com or 212-697-6484.
The Complaint alleges, after being delisted for failing to comply with listing requirements in 2009, SuperCom tried to attract more international investment to requalify for a new listing on the NASDAQ Capital Market in 2013. As a part of this effort, SuperCom’s CEO Arie Trabels stated, "Our aim is to better realize the true value of our company by increasing our transparency and communication levels with our existing shareholders and new investors." SuperCom did not reach their expected goal and allegedly schemed to raise capital from the U.S. capital markets at fraud-inflated prices. The company then reported its first quarter 2015 results, stating it had continued to advance its long-term growth strategy and was progressively enthusiastic about the Company’s upcoming opportunities. Following this falsified news, the price of SuperCom shares surged on these statements, to close at $12.09 per share on June 1, 2015.
On September 30, 2015, the U.S. Securities and Exchange Commission sent a letter challenging certain errors in SupercCom’s 2014 annual financial report. On November 30, 2015, the Company announced that its "financial performance in the third quarter and full-year were impacted by [its] inability to recognize more than $10 million of revenues that were expected this year, mainly due to delays associated with foreign government customers."
Following this news, the price of the SuperCom stock fell more than $3 per share, or 40%, from its close of $7.70 per share on November 27, 2015 to a close of $4.60 per share on November 30, 2015.
No Class has yet been certified in the above action. If you wish to review a copy of the Complaint and to join this action, please visit the firm’s site: http://www.bgandg.com/#!blank/pt8fy. To discuss this action, or have any questions, please contact Peretz Bronstein, Esq. or his Investor Relations Analyst, Yael Hurwitz of Bronstein, Gewirtz & Grossman, LLC at 212-697-6484 or via email info@bgandg.com. Those who inquire by e-mail are encouraged to include their mailing address and telephone number. If you suffered a loss in SuperCom, you have until February 8, 2016 to request that the Court appoint you as lead plaintiff. Your ability to share in any recovery doesn't require that you serve as a lead plaintiff.
Bronstein, Gewirtz & Grossman, LLC is a corporate litigation boutique. Our primary expertise is the aggressive pursuit of litigation claims on behalf of our clients. In addition to representing institutions and other investor plaintiffs in class action security litigation, the firm's expertise includes general corporate and commercial litigation, as well as securities arbitration. Attorney advertising. Prior results do not guarantee similar outcomes.
Contact:
Bronstein, Gewirtz & Grossman, LLC
Peretz Bronstein or Yael Hurwitz
212-697-6484 | info@bgandg.com
Source: Bronstein, Gewirtz & Grossman, LLC
Accesswire IAFebruary 8, 2016 - 10:01 AM ESTNews by QuoteMedia
