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IEC Electronics Corp (AMEX: IEC) Investor Securities Class Action Lawsuit 06/28/2013

  • If you purchased shares of IEC Electronics Corp (AMEX: IEC), you might have certain options and should contact the Shareholders Foundation, Inc.

  • To have your information reviewed for options and to receive notifications about this case, please send an email to mail@shareholdersfoundation.com, or call us at (858) 779-1554.

Lawsuit Overview

Case Dismissed
Company
IEC Electronics Corp.
Security
AMEX: IEC
NYSE: IEC

Case Name
IEC Electronics Shareholder Class Action Lawsuit 06/28/2013
Type of Lawsuit
Shareholder Class Action
Court of Filing
U.S. District Court for the Southern District of New York

Class Period Begin
Class Period End
Deadline To File for Lead
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Summary

September 12, 2014 - The court ordered the case dismissed without granting leave to file an amended complaint.
September 11, 2014 - The court granted the defendants' motion to dismiss.

January 17, 2014 - The defendants filed a motion to dismiss.

November 15, 2013 - The lead plaintiff filed a consolidated complaint.

September 17, 2013 - The lead plaintiff and lead counsel were appointed and all cases were consolidated.

August 27, 2013 - Lead plaintiff motions were filed.

August 20, 2013 - Another investor filed a complaint.

June 28, 2013 - An investor in shares of IEC Electronics Corp (AMEX: IEC) filed a lawsuit in the U.S. District Court for the Southern District of New York over alleged violations of Federal Securities Laws by IEC Electronics Corp in connection with certain allegedly false and misleading statements that were made between February 8, 2012, and May 21, 2013.

According to the complaint the plaintiff alleges on behalf of all purchasers of IEC Electronics Corp (AMEX: IEC) securities between February 8, 2012, and May 21, 2013, that IEC Electronics Corp violated the Securities Exchange Act of 1934.

More specifically, the plaintiff alleges that between February 8, 2012, and May 21, 2013, IEC Electronics Corp issued allegedly false and/or misleading statements and/or failed to disclose that IEC Electronics Corp was improperly accounting for work-in-process inventory for one of its subsidiaries, that as a result, IEC Electronics Corp’s gross profit was overstated between February 8, 2012, and May 21, 2013, that as such, IEC Electronics Corp’s financial results were not prepared in accordance with Generally Accepted Accounting Principles ( GAAP”), that IEC Electronics Corp lacked adequate internal and financial controls, and that as a result of the foregoing, the IEC Electronics' financial statements were materially false and misleading at all relevant times.

On May 1, 2013, IEC Electronics Corp announced that it has filed a report with the Securities and Exchange Commission (“SEC”) in which it announced that its consolidated financial statements for the fiscal year ended September 30, 2012, the quarterly periods during fiscal 2012, and the quarter ended December 28, 2012 are being restated due to an error in accounting for work-in-process inventory at one of the Company’s subsidiaries, Southern California Braiding, Inc.

On May 21, 2013, IEC Electronics Corp announced that it received a notice on May 20, 2013 from the NYSE MKT that the Company’s failure to timely file its Quarterly Report on Form 10-Q for the quarter ended March 29, 2013 does not satisfy a condition for the Company’s continued listing on the NYSE MKT.

Shares of IEC Electronics Corp (AMEX: IEC) declined from $5.90 per share in April 29, 2013, to $3.10 per share on June 11, 2013.

On July 2, 2013, AMEX: IEC shares closed at $3.34 per share.