According to the law firm press release, Polycom provides standards-based unified communications and collaboration (UC&C) solutions for voice and video collaboration. The Company offers video, voice, and content-management and content-sharing solutions, such as telepresence and conference room systems, home/work office solutions, applications for mobile devices, browser-based video collaboration, cloud-delivered services, and specialized healthcare video carts.
The Complaint alleges that throughout the Class Period, Defendants made materially false and misleading statements regarding the Company's business, operational and compliance policies. Specifically, Defendants made false and/or misleading statements and/or failed to disclose that: (i) The Company's CEO had been submitting inappropriate and irregular expense submissions, (ii) the Company's CEO was violating the Company's code of conduct and was subject to dismissal at all relevant times; (iii) the Company did not have effective internal controls over their business operations; (iv) the CEO's improper conduct created a risk that he would be terminated from the Company, jeopardizing the Company's future success, (v) as a result of the above, the Company's financial statements were materially false and misleading at all relevant times.
On July 23, 2013, Polycom announced that its CEO Andrew Miller had resigned after the board found "irregularities" in his expense submissions. The Company stated that Mr. Miller accepted responsibility for his actions. On this news, the shares of Polycom fell $1.69 cents, or over 15% percent, to $9.49 per share on July 24, 2013, on volume of over 14 million shares.
On December 13, 2013, the Court issued an Order appointing lead plaintiff and approving lead counsel. Lead Plaintiff filed an amended complaint on February 24, 2014.
On January 8, 2016, the parties entered into a Stipulation of Settlement. This Settlement was preliminarily approved by the Court on February 29. On September 7, the Court entered Final Judgment approving the Settlement and dismissing this case with prejudice.