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You must submit the settlement "Proof" form attached below, in order to participate in this settlement. There is a strict deadline of October 5, 2020 by which all claims must be submitted. The instructions for submitting are included in the "Proof" and the "Notice" files attached below for your download. DO NOT SEND THE FORMS TO THE SHAREHOLDERS FOUNDATION, INC.
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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
Settlement Overview
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May 8, 2020 - A stipulation of settlement was filed by the parties.
March 19, 2019 - The court denied the defendants' motion to dismiss.
April 2, 2018 - A motion to dismiss the second amended complaint was filed.
November 28, 2017 - A second amended complaint was filed.
November 22, 2017 - An amended complaint was filed.
July 20, 2017 (Shareholders Foundation) - An investor in shares of Lexmark International Inc (NYSE:LXK) filed a lawsuit in the U.S. District Court for the Southern District of New York over alleged violations of Federal Securities Laws by Lexmark International in connection with certain allegedly false and misleading statements made between August 1, 2014 and July 20, 2015.
According to the complaint the plaintiff alleges on behalf of purchasers of Lexmark International Inc (NYSE:LXK) common shares between August 1, 2014 and July 20, 2015, that the defendants violated Federal Securities Laws. More specifically, the plaintiff claims that between August 1, 2014 and July 20, 2015, the Defendants' statements pertaining to the Company's profitability and growth prospects were materially false and misleading because Defendants failed to disclose that end-user demand and growth for the Company's supplies business was deteriorating, that pricing increases were the primary driver of supplies revenue growth, not end-user demand, that customers in the supplies channel reacted by buying ahead of anticipated pricing increases and that as a result there was excessive inventory levels at its European wholesale distributors.
On July 21, 2015, Lexmark International Inc reported results for its second quarter ending June 30, 2015 and lowered its 2015 sales guidance. The plaintiff alleges that is was at that time when Lexmark International Inc ultimately revealed its supplies growth was not attributable to end-user demand but rather the result of its European customers buying ahead of customary price increases which produced excessive inventory.
Shares of Lexmark International Inc dropped $9.57 per share, or 20.2 percent, to close at $37.75 per share on July 21, 2015.