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Servicesource International Inc (NASDAQ:SREV) Investor Securities Class Action Lawsuit 07/09/2015

  • If you purchased shares of Servicesource International Inc (NASDAQ:SREV), you may have certain options. Please contact the Shareholders Foundation, Inc.

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Lawsuit Overview

Case Dismissed
Company
Servicesource International Inc
Security
NASDAQ: SREV

Case Name
Servicesource Shareholder Class Action Lawsuit 07/09/2015
Type of Lawsuit
Shareholder Class Action
Court of Filing
U.S. District Court for the Northern District of California

Class Period Begin
Class Period End
Deadline To File for Lead
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Summary

March 8, 2017 - The case was dismissed.

July 09, 2015 (Shareholders Foundation) - An investor in shares of Servicesource International Inc (NASDAQ:SREV) filed a lawsuit in the U.S. District Court for the Northern District of California over alleged violations of Federal Securities Laws by Servicesource International Inc in connection with certain allegedly false and misleading statements made between January 22, 2014 and May 1, 2014.

According to the complaint the plaintiff alleges on behalf of purchasers of Servicesource International Inc (NASDAQ:SREV) common shares between January 22, 2014 and May 1, 2014, that the defendants violated Federal Securities Laws.

More specifically, the plaintiff claims that between January 22, 2014 and May 1, 2014, Defendants including Mike Smerklo, President and CEO of Servicesource International, deceived the investing public regarding ServiceSource’s business, operations and management and the intrinsic value of ServiceSource common stock, allowed Smerklo and certain Company insiders to collectively sell their personally held ServiceSource common stock for millions of dollars in proceeds, allowed Smerklo to obtain millions of dollars in cash bonuses and other perks for fiscal 2012, and caused plaintiff and other investors to purchase Servicesource International common stock between January 22, 2014 and May 1, 2014 at artificially inflated prices. Servicesource International Inc reported that its annual Total Revenue declined from $272.48 million in 2013 to $272.18 million in 2014 and that its respective Net Loss increased from $22.85 million to $95.16 million.

Shares of Servicesource International Inc (NASDAQ:SREV) declined from as high as $21.99 per share in July 2011 to as low as $3.06 per share in April 2015.