NEW YORK, July 16, 2014 (GLOBE NEWSWIRE) -- Wolf Haldenstein Adler Freeman & Herz LLP announces that a class action lawsuit has been filed in the United States District Court for the Eastern District of New York, on behalf of all investors who purchased or otherwise acquired common stock of Voxx International Corp. ("Voxx" or the "Company") (Nasdaq:VOXX) between May 15, 2013 and May 14, 2014, inclusive (the "Class Period).
The filed complaint alleges that, during the Class Period, VOXX issued materially false and misleading statements regarding the Company's financial performance and future prospects and failed to disclose the following adverse facts: (i) that the Company was experiencing declining headphone sales in its Premium Audio segment; (ii) that the Company was experiencing a greater than expected sales decline in its Consumer Accessories segment; (iii) that the Company failed to timely record losses for its Hirschmann, Invision and Klipsch acquisitions, trademarks of various brands, and its Technuity business, among other things, thereby materially overstating the Company's financial condition and misstating the Company's financial results and financial statements; and (iv) as a result of the foregoing, Defendants lacked a reasonable basis for their positive statements about the Company's financial performance and outlook during the Class Period.
On May 14, 2014, after the markets closed, VOXX announced its financial results for the fourth fiscal quarter and full fiscal year 2014. The Company reported an impairment charge of $57.6 million related to its Hirschmann, Invision and Klipsch acquisitions, trademarks of various brands, and its Technuity business. In reaction to these announcements, the price of VOXX common stock fell $2.56 per share, or 25%, to close at $7.51 per share, the next trading day.
If you purchased Voxx common stock during the Class Period, you may move to be appointed as lead plaintiff by September 8, 2014. A lead plaintiff is a representative party that acts on behalf of other class members in directing the litigation. In order to be appointed lead plaintiff, the Court must determine that the class member's claim is typical of the claims of other class members, and that the class member will adequately represent the class. Under certain circumstances, one or more class members may together serve as "lead plaintiff." Your ability to share in any recovery is not, however, affected by the decision whether or not to serve as a lead plaintiff. You may retain Wolf Haldenstein, or other counsel of your choice, to serve as your counsel in this action.
Wolf Haldenstein has extensive experience in the prosecution of securities class actions and derivative litigation in state and federal trial and appellate courts across the country. The firm has over 70 attorneys in various practice areas; and offices in New York, Chicago and San Diego. The reputation and expertise of this firm in shareholder and other class litigation has been repeatedly recognized by the courts, which have appointed it to major positions in complex securities multi-district and consolidated litigation.
If you wish to discuss this action or have any questions, please contact Wolf Haldenstein Adler Freeman & Herz LLP by telephone at (800) 575-0735, via e-mail at classmember@whafh.com, or visit our website at www.whafh.com. All e-mail correspondence should make reference to "Voxx International Corp. litigation."
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CONTACT: Wolf Haldenstein Adler Freeman & Herz LLP
Patrick Donovan, Esq. or Gregory Stone
Email: donovan@whafh.com, gstone@whafh.com
or classmember@whafh.com
Tel: (800) 575-0735 or (212) 545-4774
