May 3, 2013 (Shareholders Foundation) - An investigation on behalf of investors of IEC Electronics Corp. (NYSEMKT:IEC) shares over potential securities laws violations by IEC Electronics Corp. and certain of its directors and officers in connection certain financial statements was announced.

The investigation by a law firm focuses on possible claims on behalf of purchasers of the securities of IEC Electronics Corp. (NYSEMKT:IEC) concerning whether a series of statements by IEC Electronics Corp. regarding its business, its prospects and its operations were materially false and misleading at the time they were made.

IEC Electronics Corp. reported that its Total Revenue rose from $67.81 million for the 12 months period that ended on Sept. 30, 2009 to $144.96 million for the 12 months period that ended on Sept. 30, 2012 and that its respective Net Income increased from $4.96 million to $7.76 million.

Then 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 Companys subsidiaries, Southern California Braiding, Inc.

Shares of IEC Electronics Corp. (NYSEMKT:IEC) declined from $5.90 per share in April 29, 2013, to $4.96 per share on May 3, 2013.