NEW YORK, Jan. 26, 2015 (GLOBE NEWSWIRE) -- The Rosen Law Firm, a global investor rights firm, announces that a class action lawsuit has been filed on behalf of purchasers of LeapFrog Enterprises, Inc. stock (NYSE:LF) between March 5, 2014 through January 22, 2015. The lawsuit seeks to recover damages for LeapFrog investors under the federal securities laws.
To join the LeapFrog class action, go to the website at http://www.rosenlegal.com/cases-485.html or call Phillip Kim, Esq. or Kevin Chan, Esq. toll-free at 866-767-3653 or email pkim@rosenlegal.com or kchan@rosenlegal.com for information on the class action.
NO CLASS HAS YET BEEN CERTIFIED IN THE ABOVE ACTION. UNTIL A CLASS IS CERTIFIED, YOU ARE NOT REPRESENTED BY COUNSEL UNLESS YOU RETAIN ONE. YOU MAY ALSO REMAIN AN ABSENT CLASS MEMBER AND DO NOTHING AT THIS POINT. YOU MAY RETAIN COUNSEL OF YOUR CHOICE.
The lawsuit alleges that LeapFrog made false and/or misleading statements and/or failed to disclose that: (1) it was experiencing a decline in consumer demand; (2) the launch and shipment of the new LeapTV video game system were delayed by developmental issues; (3) retailers were overstocked with LeapFrog's LeapPad products; (4) as a result, the Company lacked a reasonable basis for its financial guidance; and (5) as a result of the foregoing, the Company's statements were materially false and misleading at all relevant times.
On January 22, 2015, after market close, LeapFrog announced disappointing preliminary results for the quarter ended December 31, 2014. LeapFrog also announced a $107 million write-down of goodwill and deferred tax assets. The Company attributed the sales shortfall in part to delays in shipping and promoting LeapTV-- an educational video game system. On this news, shares of LeapFrog fell sharply during intraday trading on January 23, 2015, damaging investors.
A class action lawsuit has already been filed. If you wish to serve as lead plaintiff, you must move the Court no later than March 24, 2015. If you wish to join the litigation go http://www.rosenlegal.com/cases-485.html or to discuss your rights or interests regarding this class action, please contact, Phillip Kim, Esq. or Kevin Chan, Esq. of The Rosen Law Firm toll free at 866-767-3653 or via e-mail at pkim@rosenlegal.com or kchan@rosenlegal.com.
The Rosen Law Firm represents investors throughout the globe, concentrating its practice in securities class actions and shareholder derivative litigation.
CONTACT: Laurence Rosen, Esq.
Phillip Kim, Esq.
Kevin Chan, Esq.
The Rosen Law Firm, P.A.
275 Madison Avenue, 34th Floor
New York, NY 10016
Tel: (212) 686-1060
Toll Free: (866) 767-3653
Fax: (212) 202-3827
lrosen@rosenlegal.com
pkim@rosenlegal.com
kchan@rosenlegal.com
www.rosenlegal.com
