International Business Machines Corporation Securities Litigation
On or around 05/22/2014 (Other)
Filing Date: December 12, 2013
According to the law firm press release, the Complaint alleges that during the Class Period, IBM misrepresented and concealed that its association with the U.S. National Security Agency's spy program known as "Prism" caused businesses in China as well as the Chinese government to abruptly halt doing business with IBM, leading to a precipitous decline in sales. When the Company ultimately revealed the truth regarding the collapse of its business in China, the price of IBM stock fell almost $12 per share.
On March 10, 2014, the Court issued an Order appointing lead plaintiff and approving lead counsel.
On May 5, 2014, the Court signed and ordered Lead Plaintiff's Notice of Voluntary Dismissal.
Company & Securities Information
Defendant: International Business Machines Corporation
Industry: Computer Services
Headquarters: United States
Ticker Symbol: IBM
Company Market: New York SE
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.
First Identified Complaint
Louisiana Sheriff's Pension & Relief Fund, et al. v. International Business Machines Corporation, et al.