Case Page

 

Case Status:    DISMISSED    
On or around 09/28/2012 (Stipulation and order of dismissal (voluntary dismissal))

Filing Date: May 23, 2011

According to a press release dated May 23, 2011, the complaint charges Logitech and certain of its officers and directors with violations of the Exchange Act.

Specifically, the complaint alleges that, throughout the Class Period, defendants failed to disclose material adverse facts about the Company’s true financial condition, business and prospects. Specifically, the complaint alleges: (a) that the Company’s distributors were overstocked with inventory of certain product lines; (b) that the Company’s pricing and promotional activity was not operating according to plan; (c) that demand for the Company’s products in the Europe, Middle East and Africa markets was significantly declining far below internal expectations; and (d) as a result of the foregoing, defendants’ positive statements about the Company were lacking in a reasonable basis of fact and were materially false and misleading when made.

On March 31, 2011, after the close of the market, Logitech issued a press release announcing that it had “lowered its full-year outlook for Fiscal Year 2011, ending March 31, 2011. The company now expects FY 2011 sales in the range of $2.35 to $2.37 billion, down from the previous range of $2.4 to $2.42 billion. FY 2011 operating income is now expected to be in the range of $140 to $150 million, down from the previous range of $170 to $180 million.” In response to this announcement, on April 1, 2011, the price of Logitech stock declined from $18.13 per share to $14.71 per share, or 19%, on extremely heavy trading volume.

On July 28, 2011 the Court entered an order transferring the case from the Southern District of New York to the Northern District of California under the case number 11-CV-03855.

On October 27, 2011, the Court entered an order appointing the Lead Plaintiff and Approved of lead counsel.

On January 09, 2012, a Consolidated Class Action Complaint for Violation of the Federal Securities Laws was filed in the Northern District of California.

On July 13, 2012, the Court issued an Order granting the defendants' motion to dismiss the CCAC with leave to amend.

On September 27, 2012, the Parties filed a Stipulation agreeing to dismiss this action with prejudice as to all Defendants. On the next day, The Honorable Richard Seeborg signed the Order dismissing this action pursuant to the Stipulation.

COMPANY INFORMATION:

Sector: Technology
Industry: Computer Peripherals
Headquarters: Switzerland

SECURITIES INFORMATION:

Ticker Symbol: LOGI
Company Market: NASDAQ
Market Status: Public (Listed)

About the Company & Securities Data


"Company" information provides the industry and sector classification and headquarters state for the primary company-defendant in the litigation. In general, "Securities" information provides the ticker symbol, market, and market status for the underlying securities at issue in the litigation.

In most cases, the primary company-defendant actually issued the securities that are the subject of the litigation, and the securities information and company information relate to the same entity. In a small subset of cases, however, the primary company-defendant is not the issuer (for example, cases against third party brokers/dealers), and the securities information and company information do not relate to the same entity.
COURT: N.D. California
DOCKET #: 11-CV-03520
JUDGE: Hon.Victor Marrero
DATE FILED: 05/23/2011
CLASS PERIOD START: 10/28/2010
CLASS PERIOD END: 04/01/2011
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. Dyer & Berens LLP
    303 East 17th Avenue, Suite 300, Dyer & Berens LLP, CO 80203
    303.861.1764 303.861.1764 ·
  2. Holzer Holzer & Fistel, LLC (Atlanta)
    200 Ashford Center North, Suite 300, Holzer Holzer & Fistel, LLC (Atlanta), GA 30338
    770.392.0090 770.392.0090 ·
  3. Robbins Geller Rudman & Dowd LLP (Melville)
    58 South Service Road, Suite 200, Robbins Geller Rudman & Dowd LLP (Melville), NY 11747
    631.367.7100 631.367.1173 ·
No Document Title Filing Date
COURT: N.D. California
DOCKET #: 11-CV-03855
JUDGE: Hon.Victor Marrero
DATE FILED: 01/09/2012
CLASS PERIOD START: 10/28/2010
CLASS PERIOD END: 09/21/2011
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. Dyer & Berens LLP
    303 East 17th Avenue, Suite 300, Dyer & Berens LLP, CO 80203
    303.861.1764 303.861.1764 ·
  2. Holzer Holzer & Fistel, LLC (Atlanta)
    200 Ashford Center North, Suite 300, Holzer Holzer & Fistel, LLC (Atlanta), GA 30338
    770.392.0090 770.392.0090 ·
  3. Robbins Geller Rudman & Dowd LLP (Melville)
    58 South Service Road, Suite 200, Robbins Geller Rudman & Dowd LLP (Melville), NY 11747
    631.367.7100 631.367.1173 ·
  4. Robbins Geller Rudman & Dowd LLP (San Francisco)
    100 Pine Street, Suite 2600, Robbins Geller Rudman & Dowd LLP (San Francisco), CA 94111
    415.288.4545 415.288.4534 ·
No Document Title Filing Date
No Document Title Filing Date