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RadioShack Corporation (NYSE: RSH) Investor Securities Class Action Lawsuit 07/30/2012

  • If you purchased shares of RadioShack Corporation (NYSE: RSH), you might have certain options and should 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

Company
RadioShack
Security
NYSE: RSH

Case Name
RadioShack Shareholder Class Action Lawsuit 07/30/2012
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

January 3, 2013 - The court dismissed all claims without prejudice.
December 17, 2012 - Cases were consolidated.

November 27, 2012 - Cases were transferred to the U.S. District Court for the Northern District of Texas.

October 19, 2012 - Lead plaintiff and lead counsel were appointed and all cases were consolidated.

October 1, 2012 - Another lead plaintiff motion was filed.

September 28, 2012 - Lead plaintiff motion was filed.

July 30, 2012 - An investor in shares of RadioShack Corporation (NYSE: RSH) filed a lawsuit in the U.S. District Court for the Southern District of New York against RadioShack Corporation over alleged violations of Federal Securities Laws in connection with certain financial statements.

According to the complaint the plaintiff alleges on all persons who purchased the common stock of RadioShack Corporation (NYSE: RSH) during the period July 26, 2011 through July 24, 2012, that RadioShack Corporation violated the Securities Exchange Act of 1934. Specifically, the plaintiff alleges that between July 26, 2011 and July 24, 2012, defendants allegedly claimed they were well on their way to executing their strategy to transform RadioShack Corporation from its historical roots as a seller of consumer electronics and accessories into a reseller of wireless products. Defendants had begun opening kiosks in Target stores to sell wireless products and had entered into a relationship with Verizon Wireless, the largest wireless provider, to sell Verizon wireless products, so the lawsuit.

The plaintiff claims that in an attempt to cover-up the true financial realities facing the company, Defendants allegedly repeatedly emphasized returning value to the shareholders by funding the stock repurchase program and the solid dividends.

RadioShack Corporation (NYSE: RSH) reported that its Annual Revenue increased from $4.07 billion in 2009 to $4.37 billion in 2011. However, its Net Income fell from $205 million for 2009, respectively $206.10 million in 2010, to $72.20 million in 2011.

Shares of RadioShack Corporation (NYSE: RSH) grew from $8.11 per share in March 2009 to as high as $22.80 per share in October 2010. Since then RadioShack Corporation (NYSE: RSH) shares lost substantial value.

Then on July 25, 2012, RadioShack Corporation (NYSE: RSH) reported its financial results for the second quarter 2012.

RadioShack Corporation (NYSE: RSH) shares fell from $3.65 per share on July 24, 2012, to as low as $2.373 per share on July 26, 2012.

On July 30, 2012, RadioShack Corporation (NYSE: RSH) shares closed at $2.54 per share, significantly below its current 52 week High of $14.70 per share.