NEW YORK, NY / ACCESSWIRE / January 5, 2025 / Pomerantz LLP is investigating claims on behalf of investors of Quanterix Corporation ("Quanterix" or the "Company") (NASDAQ: QTRX). Such investors are advised to contact Danielle Peyton at newaction@pomlaw.com or 646-581-9980, ext. 7980.
The investigation concerns whether Quanterix and certain of its officers and/or directors have engaged in securities fraud or other unlawful business practices.
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On November 12, 2024, Quanterix disclosed in a filing with the U.S. Securities and Exchange Commission that "while performing closing procedures for the third quarter of 2024, management identified an error related to the capitalization of labor and overhead costs applied to prior periods going back to at least 2021, which impacted the valuation of inventory."
As a result, "the Audit Committee of the Board of Directors of the Company, based on the recommendation of the Company's management and after discussion with the Company's independent registered public accounting firm, Ernst & Young LLP (‘EY'), concluded that the Company's previously issued audited consolidated financial statements as of December 31, 2023 and 2022 and for each of the three years in the period ended December 31, 2023, and its unaudited consolidated financial statements for the quarterly and year-to-date (as applicable) periods ended March 31, 2022, June 30, 2022, September 30, 2022, March 31, 2023, June 30, 2023, September 30, 2023, March 31, 2024, and June 30, 2024 (collectively, the ‘Non-Reliance Periods'), should no longer be relied upon."
On this news, Quanterix's stock price fell $2.77 per share, or 18.26%, to close at $12.40 per share on November 13, 2024.
Pomerantz LLP, with offices in New York, Chicago, Los Angeles, London, Paris, and Tel Aviv, 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, Pomerantz pioneered the field of securities class actions. Today, more than 85 years later, Pomerantz 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 billions of dollars in damages awards on behalf of class members. See www.pomlaw.com.
SOURCE: Pomerantz LLP
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