 | ||
|
| Home Annual/Quarterly Updates About Us
|
THQ Inc Summary: According to the law firm press release, THQ develops, publishes, and distributes interactive entertainment software for various game systems, personal computers, wireless devices, and the Internet, including the uDraw™ GameTablet™ (“uDraw’).
The complaint alleges that during the Class Period, defendants issued materially false and misleading statements regarding the Company’s business and prospects. Specifically, defendants’ statements were each materially false and misleading when made because they misrepresented and failed to disclose the following adverse facts, which were known to defendants or recklessly disregarded by them: (a) that demand for the Company’s uDraw was well below internal expectations and the Company would have to take back, or provide price protection, on hundreds of thousands of uDraw units that it had sold; (b) that the uDraw for the Microsoft Xbox 360 and Sony PlayStation 3 was a failure and not being purchased by owners of those gaming systems; and (c) as a result of the foregoing, defendants lacked a reasonable basis for their positive statements about the Company and its prospects.
On December 7, 2011, THQ issued a press release updating its outlook for the 2012 fiscal third quarter, ended December 31, 2011. For the quarter, the Company expected to report net sales of approximately 25% below its previously announced guidance of $510 million to $550 million, due to “weaker-than-expected initial sales of its uDraw GameTablet for Xbox 360 and PlayStation 3.” Then, on February 2, 2012, THQ issued a press release announcing its financial results for the fiscal third quarter of 2012. For the quarter, the Company reported net sales of $404.4 million, and a net loss of $55.9 million, or $0.82 per diluted share. In reaction to this news, on February 3, 2012, the price of THQ stock fell $0.23 per share, or 30%, to close at $0.53 per share, on extremely heavy trading volume.
On September 14, 2012, the Court issued an Order appointing lead plaintiff and approving the selection of lead counsel. On November 13, 2012, the plaintiff filed their First Amended Complaint.
INDUSTRY CLASSIFICATION:
SIC Code: 7372
Sector: Technology
Industry: Software & Programming
| COMPANY/ISSUER NAME: | THQ Inc |
| COMPANY/ISSUER TICKER: | THQI |
| COMPANY WEBSITE: | http://www.thq.com |
| FIRST IDENTIFIED COMPLAINT IN THE DATABASE | |||||||||||||||||
| Khalil Zaghian, et al. v. THQ Inc, et al. | |||||||||||||||||
| |||||||||||||||||
| DOCUMENTS FOR THE FIRST IDENTIFIED COMPLAINT | |||
| Complaint for Violation of the Federal Securities Laws | |||
| Type: Complaint | Date on the document: 06/15/2012 | ||
| U.S. District Court Civil Docket | |||
| Type: Docket | Date on the document: 06/19/2012 | ||
| Order Re: Motions For Appointment As Lead Plaintiff And Approval Of Counsel | |||
| Type: Order Appointing LP/LC | Date on the document: 09/14/2012 | ||
| REFERENCE COMPLAINT | |||||||||||||||||
| Khalil Zaghian, et al. v. THQ Inc, et al. | |||||||||||||||||
| |||||||||||||||||
| DOCUMENTS FOR THE REFERENCE COMPLAINT | |||
| First Amended Class Action Complaint | |||
| Type: Complaint | Date on the document: 11/13/2012 | ||
| OTHER DOCUMENTS | |||
| Case Name and/or Number: | |||
| Type: | Date on the document: | ||
WARNING AND DISCLAIMER OF LIABILITY:
The information included on this Web site, whether provided by personnel employed by Stanford Law School or by third parties, is provided for research and teaching purposes only. Neither Stanford University, Stanford Law School, nor any of their employees, agents, contractors, or affiliates warrant the accuracy or completeness of the information or analyses displayed herein, and we caution all readers that inclusion of any information on this site does not constitute an endorsement of the truthfulness or accuracy of that information. In particular, this Web site contains complaints and other documents filed in federal and state courts, which make allegations that may or may not be accurate. No reader should, on the basis of information contained in or referenced by this Web site, assume that any of these allegations are truthful.
Go to Search page | Go to Case Index page | Back to Top