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PCM Inc (NASDAQ:PCMI) Investor Securities Class Action Lawsuit 05/03/2017

  • If you purchased shares of PCM Inc (NASDAQ:PCMI), you may have certain options. Please 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
PCM Inc
Security
NASDAQ: PCMI

Case Name
PCM Shareholder Class Action Lawsuit 05/03/2017
Type of Lawsuit
Shareholder Class Action
Court of Filing
U.S. District Court for the Central District of California

Class Period Begin
Class Period End
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Summary

February 2, 2018 - A second amended complaint was not filed. The case was dismissed.

January 3, 2018 - The court granted the defendants' motion to dismiss. The plaintiffs were given leave to amend the complaint.

October 6, 2017 - A motion to dismiss the amended complaint was filed.

September 8, 2017 - An amended complaint was filed.

May 3, 2017 (Shareholders Foundation) - An investor in shares of PCM Inc (NASDAQ:PCMI) filed a lawsuit in the U.S. District Court for the Central District of California over alleged violations of Federal Securities Laws by PCM Inc in connection with certain allegedly false and misleading statements made between June 17, 2015 and May 2, 2017.

According to the complaint the plaintiff alleges on behalf of purchasers of PCM Inc (NASDAQ:PCMI) common shares between June 17, 2015 and May 2, 2017, that the defendants violated Federal Securities Laws. More specifically, the plaintiff claims that between June 17, 2015 and May 2, 2017, the defendants made false and/or misleading statements and/or failed to disclose thatEn Pointe’s financial statements that PCM filed with the SEC materially overstated the profitability of the business, and that as a result, PCM’s public statements were materially false and misleading at all relevant times

El Segundo, CA based PCM, Inc. is a multi-vendor provider of technology solutions, including hardware products, software and services, offered through its dedicated sales force, field and internal service teams, direct marketing channels, and owned and operated data centers.

In April 2015, PCM acquired En Pointe Technologies, Inc. and publicly filed En Pointe's supposed financial statements.

On February 8, 2017, PCM Inc reported its fourth quarter and full year 2016 results. PCM Inc reported that its annual Total Revenue rose from over $1.66 billion in 2015 to over $2.25 billion in 2016 and that its Net loss of $18.26 million in 2015 turned into a Net Income of $17.59 million in 2016.

Shares of PCM Inc (NASDAQ:PCMI) grew from $7.66 per share in February 2016 to as high as $31.20 per share in April 2017.

On May 2, 2017, an article published exposing that PCM has alleged that En Pointe's net income was overstated due to several accounting shenanigans.