NEW YORK, Aug. 13, 2013 /PRNewswire/ -- Attorney Advertising -- Bronstein, Gewirtz & Grossman, LLC announces that a securities class action has been filed in the United States District Court for the District of Massachusetts on behalf of those who purchased shares of Microsoft Corporation ("Microsoft or the Company") (NasdaqGS: MSFT), during the period between April 18, 2013 and July 18, 2013, inclusive (the "Class Period").
The complaint charges Microsoft and certain of its officers with violations of federal securities laws. The complaint alleges that, throughout the Class Period, defendants issued materially false and misleading statements regarding the Company's financial performance and its tablet computer, the Surface RT; specifically: (a) that the Company's Surface RT product was experiencing poor customer demand and lackluster sales; (b) that the Company's Surface RT inventory experienced a material decline in value during the quarter ended March 31, 2013; (c) 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; (d) 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 (e) 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, shares of Microsoft fell $4.04 or 11.4% to close at $31.40 per share after the company announced its financial results for the fiscal 2013 fourth quarter and year end, the periods ended June 30, 2013. Plaintiff seeks to recover damages on behalf of all Microsoft shareholders who purchased common stock during the Class Period described above.
No Class has yet been certified in the above action. If you wish to review a copy of the Complaint, to discuss this action, or have any questions, please contact Peretz Bronstein, Esq. or his Investor Relations Coordinator Eitan Kimelman 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. October 11, 2013 is the deadline for investors to seek a lead plaintiff appointment. 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 Eitan Kimelman 212-697-6484
info@bgandg.com
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