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Case Status:    SETTLED
On or around 11/24/2014 (Ongoing date of last review)

Filing Date: June 12, 2012

According to the law firm press release, ModusLink provides supply chain management services and solutions. On June 11, 2012, the Company announced that it would need to restate financial results going back to 2007 and that its Audit Committee investigation found that certain client contracts were consistently misaligned with the Company's practice of retaining volume discounts. Additionally, the Committee found instances where vendor costs incurred were marked up to clients inconsistent with contracts.

Concurrently with these announcements, the Company also disclosed that the Securities and Exchange Commission had launched an inquiry into these matters, and that ModusLink’s President and Chief Executive Officer was immediately resigning from his positions with ModusLink and the Company’s Board of Directors. In addition, the Company also announced the immediate departure of the President of Global Operations for ModusLink.

In reaction to the Company’s announcements, ModusLink’s stock price plunged 34.74% to close at $2.78 on June 11, 2012.

On November 13, 2012, the Court issued an Order consolidating related actions, appointing lead plaintiffs, and approving the selection of lead counsel. On February 11, 2013, lead plaintiffs filed an amended complaint.

On October 23, 2014, the parties entered into a Stipulation of Settlement. This Settlement was preliminarily approved by the Court on November 24.

COMPANY INFORMATION:

Sector: Technology
Industry: Computer Services
Headquarters: United States

SECURITIES INFORMATION:

Ticker Symbol: MLNK
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: D. Massachusetts
DOCKET #: 12-CV-11044
JUDGE: Hon. Denise J. Casper
DATE FILED: 06/12/2012
CLASS PERIOD START: 09/26/2007
CLASS PERIOD END: 06/08/2012
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. Faruqi & Faruqi LLP (New York)
    685 3rd Avenue 26th Floor, Faruqi & Faruqi LLP (New York), NY
    212..983.9330 212..983.9331 ·
  2. Ryan & Maniskas, LLP
    995 Old Eagle School Rd., Ste. 311, Ryan & Maniskas, LLP, PA 19087
    (484) 588-5516 (484) 450-2582 ·
  3. Saxena White PA (Boca Raton)
    2424 N. Federal Highway, Suite 257, Saxena White PA (Boca Raton), FL 33431
    561.394.3399 561.394.3399 ·
No Document Title Filing Date
COURT: D. Massachusetts
DOCKET #: 12-CV-11044
JUDGE: Hon. Denise J. Casper
DATE FILED: 02/11/2013
CLASS PERIOD START: 09/26/2007
CLASS PERIOD END: 06/08/2012
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. Block & Leviton LLP
    155 Federal Street, Suite 1303, Block & Leviton LLP, MA 02110
    (617) 398-5600 (617) 507-6020 ·
  2. Saxena White PA (Boca Raton)
    2424 N. Federal Highway, Suite 257, Saxena White PA (Boca Raton), FL 33431
    561.394.3399 561.394.3399 ·
No Document Title Filing Date