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magicJack VocalTec Ltd (NASDAQ: CALL) Investor Securities Class Action Lawsuit 01/18/2013

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Lawsuit Overview

Case Dismissed
Company
magicJack VocalTec Ltd
Security
NASDAQ: CALL

Case Name
magicJack Shareholder Class Action Lawsuit 01/18/2013
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

February 3, 2014 - The court granted the defendants' motion to dismiss.

July 22, 2013 - A second amended complaint was filed.

March 12, 2013 - An amended complaint was filed.

January 18, 2013 - An investor in shares of magicJack VocalTec Ltd (NASDAQ: CALL) filed a lawsuit in the U.S. District Court for the Southern District of New York over alleged violations of Federal Securities Laws by magicJack VocalTec Ltd in connection certain allegedly false and misleading statements made between February 28, 2012 and January 8, 2013.

According to the complaint the plaintiff alleges on behalf of all persons or entities who purchased or otherwise acquired securities of magicJack VocalTec Ltd (NASDAQ: CALL) between February 28, 2012 and January 8, 2013, that magicJack VocalTec Ltd and certain of its officers and directors violated the Securities Exchange Act of 1934 by issuing allegedly materially false and misleading statements regarding magicJack VocalTec Inc's business, operational and compliance policies. MagicJack VocalTec Ltd. reported that its annual revenue declined from $119.68 million in 2010 to $110.45 million in 2011.

However, magicJack VocalTec Ltd. reported also that its Net Loss of $1.55 million in 2010 decreased to a Net Loss of $0.84 million. MagicJack VocalTec Ltd. reported that its quarterly revenue rose from $37.59 million in the first quarter 2012 to $40.79 million in the third quarter 2012 and its respective quarterly Net Income increased from $8.20 million to $15.12 million. Shares of magicJack VocalTec Ltd (NASDAQ: CALL) grew from as low as $13.64 per share in June 2012 to almost $27 per share in September 2012. However, NASDAQ: CALL shares closed 2012 at $18.20 per share.

Then on January 9, 2013, a research group alleged that the tech company misrepresented facts on financial statements. The research group published a report alleging that magicJack VocalTec Ltd has been overstating its revenue and profitability in its filings with the U.S. Securities and Exchange Commission.

Shares of magicJack VocalTec Ltd (NASDAQ: CALL) declined from $17.70 per share on Jan. 8, 2013 to as low as $14.53 per share on Jan. 10, 2013.

On Jan. 18, 2013, NASDAQ: CALL shares closed at $15.21 per share, which is significantly below its current 52 week High of $28.22 per share.