NEW YORK, June 18, 2018 (GLOBE NEWSWIRE) — Bernstein Liebhard LLP reminds investors of the important July 10, 2018 lead plaintiff deadline in the class action lawsuit against Kulicke & Soffa Industries, Inc. (“K&S” or the “Company”) (NASDAQ:KLIC). The lawsuit seeks to recover damages on behalf of those who purchased the securities of K&S between November 16, 2017 and May 10, 2018, both dates inclusive (the “Class Period”).
According to the lawsuit, throughout the Class Period Defendants made false and/or misleading statements and/or failed to disclose that: (1) K&S’ consolidated financial statements for the fiscal year ending September 30, 2017 could no longer be relied upon due to misstated warranty accruals; and (2) as a result, Defendants’ public statements were materially false and misleading at all relevant times.
On May 10, 2018, during aftermarket hours, K&S revealed that “[f]ollowing the end of the fiscal quarter, the Company learned of certain unauthorized transactions by a senior finance employee of the Company.” The Company further disclosed that it “discovered that certain warranty accruals in prior periods had been accounted for incorrectly and therefore misstated,” and therefore, “the Company’s previously issued consolidated financial statements for the fiscal year ended September 30, 2017 can no longer be relied upon due to the misstated warranty accruals made in prior periods.” As a result, the Company disclosed that it will be restating its financial statements.
On this news, K&S’ stock price fell $1.80 per share, or over 7%, from its previous closing price to close at $21.99 per share on May 11, 2018, damaging investors.
If you wish to serve as lead plaintiff, you must move the Court no later than July 10, 2018. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation. Your ability to share in any recovery doesn’t require that you serve as lead plaintiff. If you choose to take no action, you may remain an absent class member.
Since 1993, Bernstein Liebhard LLP has recovered over $3.5 billion for its clients. In addition to representing individual investors, the Firm has been retained by some of the largest public and private pension funds in the country to monitor their assets and pursue litigation on their behalf. As a result of its success litigating hundreds of lawsuits and class actions, the Firm has been named to The National Law Journal’s “Plaintiffs’ Hot List” thirteen times and listed in The Legal 500 for ten consecutive years.
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