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International Business Machines Corporation (NYSE: IBM) Investor Securities Class Action Lawsuit 12/12/2013

  • If you purchased shares of International Business Machines Corporation (NYSE: IBM), you might have certain options and should contact the Shareholders Foundation, Inc.

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Lawsuit Overview

Case Dismissed
Company
IBM
Security
NYSE: IBM

Case Name
IBM Shareholder Class Action Lawsuit 12/12/2013
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

May 5, 2014 - The court ordered the case voluntarily dismissed.
May 2, 2014 - The lead plaintiff filed a notice of voluntary dismissal without prejudice.

February 10, 2014 - A lead plaintiff motion was filed.

December 12, 2013 - An investor in shares of International Business Machines Corporation (NYSE: IBM) filed a lawsuit in the U.S. District Court for the Southern District of New York over alleged violations of Federal Securities Laws by International Business Machines Corporation in connection with certain allegedly false and misleading statements made between June 25, 2013 through October 16, 2013.

According to the complaint the plaintiff alleges on behalf of all persons or entities who purchased or otherwise acquired International Business Machines Corporation (NYSE: IBM) between June 25, 2013 through October 16, 2013, that International Business Machines Corporation and certain of its officers and directors violated the Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 and Rule 10b-5 promulgated thereunder.

International Business Machines Corporation reported that its annual Total Revenue declined from over $106.91 billion in 2011 to over $104.5 billion in 2012 and that its respective Net Income rose from over $15.85 billion in 2011 to over $16.6 billion in 2012. Shares of International Business Machines Corporation (NYSE: IBM) grew from $80.33 per share in Nov, 2008 to as high as $214.92 per share in March 2013.

The plaintiff alleges that between June 25, 2013 through October 16, 2013 International Business Machines Corporation misrepresented and concealed that its association with the U.S. National Security Agency's spy program known as Prism caused businesses in China as well as the Chinese government to abruptly halt doing business with International Business Machines Corporation, leading to a precipitous decline in sales. The plaintiff claims that when International Business Machines Corporation ultimately revealed the truth regarding the collapse of its business in China, the price of NYSE: IBM stock fell almost $12 per share.

Shares of International Business Machines Corporation declined from $186.73 per share on October 16, 2013, to $172.86 per share on October 21, 2013.

On December 12, 2013, NYSE: IBM shares closed at $173.37 per share, which is significantly below its current 52 week High of $ 215.90 per share.