NYSEMKT:IEC Investor Alert: Lawsuit against IEC Electronics Corp. alleges false Statements
The Shareholders Foundation announces that an investor, who purchased IEC Electronics Corp. (NYSEMKT:IEC) shares, filed a lawsuit in the U.S. District Court for the Southern District of New York over alleged violations of Federal Securities Laws by IEC Electronics Corp. in connection with certain allegedly false and misleading statements that were made between February 8, 2012, and May 21, 2013
Newmark, NY based IEC Electronics Corp. is a provider of electronic contract manufacturing services to advanced technology companies.
Investors who purchased shares of IEC Electronics Corp. (NYSEMKT:IEC) between February 8, 2012, and May 21, 2013and / or those who purchased NYSEMKT:IEC shares prior to February 2012 and currently hold any of those shares, have certain options and for certain investors are short and strict deadlines running. Deadline: August 27, 2013. NYSEMKT:IEC investors should contact the Shareholders Foundation at mail(at)shareholdersfoundation.com or call +1(858) 779 - 1554.
According to the complaint the plaintiff alleges on behalf of all purchasers of IEC Electronics Corp. (NYSEMKT:IEC) securities between February 8, 2012, and May 21, 2013, that IEC Electronics Corp. violated the Securities Exchange Act of 1934.
More specifically, the plaintiff alleges that between February 8, 2012, and May 21, 2013, IEC Electronics Corp. issued allegedly false and/or misleading statements and/or failed to disclose that IEC Electronics Corp. was improperly accounting for work-in-process inventory for one of its subsidiaries, that as a result, IEC Electronics’ gross profit was overstated between February 8, 2012, and May 21, 2013, that as such, IEC Electronics’ financial results were not prepared in accordance with Generally Accepted Accounting Principles ("GAAP”), that IEC Electronics Corp. lacked adequate internal and financial controls;, and that as a result of the foregoing, the IEC Electronics' financial statements were materially false and misleading at all relevant times.
On May 1, 2013, IEC Electronics Corp. announced that it has filed a report with the Securities and Exchange Commission (“SEC”) in which it announced that its consolidated financial statements for the fiscal year ended September 30, 2012, the quarterly periods during fiscal 2012, and the quarter ended December 28, 2012 are being restated due to an error in accounting for work-in-process inventory at one of the Company’s subsidiaries, Southern California Braiding, Inc.
On May 21, 2013, IEC Electronics Corp. announced that it received a notice on May 20, 2013 from the NYSE MKT that the Company’s failure to timely file its Quarterly Report on Form 10-Q for the quarter ended March 29, 2013 does not satisfy a condition for the Company’s continued listing on the NYSE MKT.
Shares of IEC Electronics Corp. (NYSEMKT:IEC) declined from $5.90 per share in April 29, 2013, to $3.10 per share on June 11, 2013.
On July 16, 2013, NYSEMKT:IEC shares closed at $3.37 per share.
Those who purchased shares of IEC Electronics Corp. (NYSEMKT:IEC), have certain options and should contact the Shareholders Foundation.
Shareholders Foundation, Inc.
3111 Camino Del Rio North - Suite 423
92108 San Diego