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Case Status:    SETTLED
On or around 04/28/2017 (Date of order of distribution of settlement)

Filing Date: July 26, 2013

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.

COMPANY INFORMATION:

Sector:
Industry:
Headquarters: United States

SECURITIES INFORMATION:

Ticker Symbol: PLCM
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 #: 13-CV-03476
JUDGE: Hon. Samuel Conti
DATE FILED: 07/26/2013
CLASS PERIOD START: 07/24/2012
CLASS PERIOD END: 07/23/2013
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. Glancy Binkow & Goldberg LLP (Los Angeles)
    1801 Ave. of the Stars, Suite 311, Glancy Binkow & Goldberg LLP (Los Angeles), CA 90067
    310.201.915 310. 201-916 · info@glancylaw.com
  2. Pomerantz LLP (New York)
    600 Third Avenue, Pomerantz LLP (New York), NY 10016
    212.661.1100 212.661.8665 · info@pomerantzlaw.com/
No Document Title Filing Date
COURT: N.D. California
DOCKET #: 13-CV-03476
JUDGE: Hon. Samuel Conti
DATE FILED: 05/04/2015
CLASS PERIOD START: 01/20/2011
CLASS PERIOD END: 07/23/2013
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. Glancy Binkow & Goldberg LLP (Los Angeles)
    1801 Ave. of the Stars, Suite 311, Glancy Binkow & Goldberg LLP (Los Angeles), CA 90067
    310.201.915 310. 201-916 · info@glancylaw.com
  2. Pomerantz LLP (New York)
    600 Third Avenue, Pomerantz LLP (New York), NY 10016
    212.661.1100 212.661.8665 · info@pomerantzlaw.com/
No Document Title Filing Date