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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 December 13, 2019 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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July 26, 2019 - The court preliminarily approved the settlement.
June 28, 2019 - A stipulation of settlement was entered by the parties.
July 30, 2018 - A consolidated complaint was filed.
February 13, 2018 - An investor in shares of Quantum Corp (NYSE:QTM) filed a lawsuit in the U.S. District Court for the Northern District of California over alleged violations of Federal Securities Laws by Quantum Corp in connection with certain allegedly false and misleading statements made between May 10, 2016 and February 7, 2018.
San Jose, CA based Quantum Corporation focuses on scale-out storage, archive and data protection, providing solutions for capturing, sharing, managing and preserving digital assets over the entire data lifecycle. Quantum Corp reported that its Total Revenue rose from $475.96 million for the 12 months period that ended on March 31, 2016 to $505.35 million for the 12 months period that ended on March 31, 2017 and that its Net loss of $76.39 million for the 12 months period that ended on March 31, 2016 turned into a Net Income of $3.65 million for the 12 months period that ended on March 31, 2017.
On February 8, 2018, Quantum Corp announced that it received a subpoena from the Securities and Exchange Commission (“SEC”) on January 11, 2018 regarding its accounting practices and internal controls related to revenue recognition for transactions commencing April 1, 2016. Quantum Corp further stated it was postponing the release of its fiscal third quarter 2018 results and earnings conference call so that its audit committee could complete an investigation into Quantum’s accounting matters and related internal controls. Shares of Quantum Corp (NYSE: QTM) declined on February 8, 2018 to as low as $3.42 per share. According to the complaint the plaintiff alleges on behalf of purchasers of Quantum Corp (NYSE:QTM) common shares between May 10, 2016 and February 7, 2018, that the defendants violated Federal Securities Laws. More specifically, the plaintiff claims that between May 10, 2016 and February 7, 2018, the Defendants failed to disclose that Quantum Corp was inappropriately recognizing certain revenues since at least April 2016, that Quantum Corp lacked adequate controls over accounting and financial reporting, that as a result Quantum Corp was subject to increased regulatory scrutiny and potential fines, and that, as a result of the foregoing, Defendants’ statements about Quantum’ business, operations, and prospects, were materially false and/or misleading and/or lacked a reasonable basis.