NEW YORK, Aug. 18, 2014 /PRNewswire/ -- Pomerantz LLP is investigating claims on behalf of investors of Fabrinet ("Fabrinet" or the "Company") (NYSE: FN). Such investors are advised to contact Robert S. Willoughby at rswilloughby@pomlaw.com or 888-476-6529, ext. 237.
The investigation concerns whether Fabrinet and certain of its officers and/or directors have violated Sections 10(b) and 20(a) of the Securities Exchange Act of 1934.
On August 18, 2014, the Company announced "that during the fourth quarter of the fiscal year ended June 27, 2014, certain accounting issues were discovered by management, which prompted the Audit Committee to commence an internal investigation. The Audit Committee is investigating whether there were any violations of the Company's accounting policies associated with these potential accounting matters. The Company has also notified the SEC of the Audit Committee's investigation."
On this news, shares of Fabrinet fell $3.15 per share to $14.60, or more than 17.75%, in intraday trading on August 18, 2014.
The Pomerantz Firm, with offices in New York, Chicago, San Diego and Florida, is acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class litigation. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, the Pomerantz Firm pioneered the field of securities class actions. Today, more than 70 years later, the Pomerantz Firm continues in the tradition he established, fighting for the rights of the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered numerous multimillion-dollar damages awards on behalf of class members. See www.pomerantzlaw.com.
CONTACT:
Robert S. Willoughby
Pomerantz LLP
rswilloughby@pomlaw.com
SOURCE Pomerantz LLP
