TAKE A LOOK AT WHICH REPORT YOUR PORTFOLIO'S BEEN MISSING...

Shareholders Foundation offers real-time reporting of class action exposure on a per transaction basis,
including the documents you will need for claim filing and settlement recovery.
Start Monitoring Your Investments

Quadrant 4 System Corp (OTCMKTS: QFOR) Investor Securities Class Action Lawsuit 07/05/2017

  • If you purchased shares of Quadrant 4 System Corp (OTCMKTS: QFOR), 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
Quadrant 4 System Corp
Security
OTCMKTS: QFOR

Case Name
Quadrant 4 System Shareholder Class Action Lawsuit 07/05/2017
Type of Lawsuit
Shareholder Class Action
Court of Filing
U.S. District Court for the District of New Jersey

Class Period Begin
Class Period End
Deadline To File for Lead
You must register or login to receive notifications.

Click here to subscribe to Quadrant 4 System Corp.
Summary

October 3, 2017 - The case was voluntarily dismissed.

July 5, 2017 - An investor in shares of Quadrant 4 System Corp (OTCMKTS: QFOR) filed a lawsuit in the U.S. District Court for the District of New Jersey over alleged violations of Federal Securities Laws by Quadrant 4 System Corp in connection with certain allegedly false and misleading statements made between August 14, 2012 and June 30, 2017.

According to the complaint the plaintiff alleges on behalf of purchasers of Quadrant 4 System Corp (OTCMKTS: QFOR) common shares between August 14, 2012 and June 30, 2017, that the defendants violated Federal Securities Laws.

More specifically, the plaintiff claims that between August 14, 2012 and June 30, 2017 the defendants made false and/or misleading statements and/or failed to disclose that defendant Nandu Thondavadi, former CEO of Quadrant 4 System Corp and defendant Dhru Desai, former CFO of Quadrant 4 System Corp, engaged in an accounting fraud scheme that misled investors, that defendants Thondavadi and Desai stole more than $4 million from Quadrant 4 System Corp, that defendants Thondavadi and Desai caused Quadrant 4 System Corp to understate its liabilities and inflate its revenues and assets and evaded scrutiny by lying to Quadrant 4 System Corp’s auditors and providing them with forged and doctored documents, and that as a result, defendants’ public statements were materially false and misleading at all relevant times.

Schaumburg, IL based Quadrant 4 System Corp is engaged in providing cloud-based platform-as-a-service (PaaS) and software-as-a-service (SaaS) products to the health insurance, media and education verticals. Quadrant 4 System Corp reported that its annual Total Revenue rose from $48.49 million in 2014 to $52.04 million in 2015 and that its Net Loss declined from $1.07 million in 2014 to $0.52 million in 2015.

On November 30, 2016, the U.S. Department of Justice (“DOJ”) revealed that it had charged Nandu Thondavadi, Quadrant 4 System Corp's then current CEO with misrepresenting the Company's cash flows and concealing its liabilities in Securities and Exchange Commission ( SEC ) filings.

On June 30, 2017, the SEC announced that it had charged Nandu Thondavadi and Quadrant 4 System Corp's former chief financial officer Dhru Desai in an accounting fraud scheme that deceived shareholders and allowed the former executives to collect millions from the firm for their own advantage.