Robbins
Geller Rudman & Dowd LLP (“Robbins Geller”) (http://www.rgrdlaw.com/cases/microsoft/)
today announced that a class action has been commenced in the United
States District Court for the District of Massachusetts on behalf of
purchasers of Microsoft Corporation (“Microsoft” or the “Company”)
(Nasdaq:MSFT) common stock during the period between April 18, 2013 and
July 18, 2013 (the “Class Period”).
If you wish to serve as lead plaintiff, you must move the Court no later
than 60 days from August 12, 2013. If you wish to discuss this action or
have any questions concerning this notice or your rights or interests,
please contact plaintiff’s counsel, Samuel
H. Rudman or David
A. Rosenfeld of Robbins Geller at 800/449-4900 or 619/231-1058, or
via e-mail at djr@rgrdlaw.com. If
you are a member of this class, you can view a copy of the complaint as
filed or join this class action online at http://www.rgrdlaw.com/cases/microsoft/.
Any member of the putative class may move the Court to serve as lead
plaintiff through counsel of their choice, or may choose to do nothing
and remain an absent class member.
The complaint charges Microsoft and certain of its officers with
violations of the Securities Exchange Act of 1934. Microsoft is the
world’s largest software company, primarily as a result of its
near-monopoly on Windows personal computer (“PC”) operating system
software and its Microsoft Office collection of productivity programs.
The complaint alleges that, during the Class Period, defendants issued
materially false and misleading statements regarding the Company’s
financial performance and its tablet computer, the Surface RT.
Specifically, defendants misrepresented and failed to make public the
following adverse facts: (i) that the Company’s Surface RT product was
experiencing poor customer demand and lackluster sales; (ii) that the
Company’s Surface RT inventory experienced a material decline in value
during the quarter ended March 31, 2013; (iii) that the Company’s
financial statements for the quarter ended March 31, 2013 were
materially false and misleading and violated Generally Accepted
Accounting Principles and Microsoft’s publicly disclosed policy of
accounting for inventories; (iv) that the Company’s Form 10-Q for its
third quarter of 2013 failed to disclose then presently known trends,
events or uncertainties associated with the Surface RT product that were
reasonably likely to have a material effect on Microsoft’s future
operating results; and (v) that based on the foregoing, defendants
lacked a reasonable basis for their positive statements about the
Company’s Surface RT product during the Class Period.
On July 18, 2013, Microsoft issued a press release announcing its
financial results for the fiscal 2013 fourth quarter and year end, the
periods ended June 30, 2013. For the quarter, the Company reported
revenue of $19.9 billion and net income of $4.97 billion, or $0.59 per
share. The Company’s results for the quarter were adversely impacted by
a $900 million inventory charge, or an amount equal to $.07 per share,
related to Surface RT “inventory adjustments.” On this news, Microsoft
common stock suffered its biggest price decline in more than four years,
plunging $4.04 per share, or 11.4%, on very heavy trading volume to
close at $31.40 per share.
Plaintiffs seek to recover damages on behalf of all purchasers of
Microsoft common stock during the Class Period (the “Class”). The
plaintiffs are represented by Robbins Geller, which has expertise in
prosecuting investor class actions and extensive experience in actions
involving financial fraud.
Robbins Geller represents U.S. and international institutional investors
in contingency-based securities and corporate litigation. With nearly
200 lawyers in nine offices, the firm represents hundreds of public and
multi-employer pension funds with combined assets under management in
excess of $2 trillion. The firm has obtained many of the largest
recoveries and has been ranked number one in the number of shareholder
class action recoveries in MSCI’s Top SCAS 50 every year since
2003. Please visit http://www.rgrdlaw.com
for more information.
Copyright Business Wire 2013