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Case Status:    DISMISSED    
On or around 11/14/2016 (Date of order of final judgment)

Filing Date: July 08, 2014

According to the law firm press release, the complaint alleges that, during the Class Period, VOXX issued materially false and misleading statements regarding the Company’s financial performance and future prospects and failed to disclose the following adverse facts: (i) that the Company was experiencing declining headphone sales in its Premium Audio segment; (ii) that the Company was experiencing a greater than expected sales decline in its Consumer Accessories segment; (iii) that the Company failed to timely record losses for its Hirschmann, Invision and Klipsch acquisitions, trademarks of various brands, and its Technuity business, among other things, thereby materially overstating the Company’s financial condition and misstating the Company’s financial results and financial statements; and (iv) as a result of the foregoing, Defendants lacked a reasonable basis for their positive statements about the Company’s financial performance and outlook during the Class Period.

On January 9, 2014, the Company held a conference call with analysts and investors. With regard to the Company’s outlook for fiscal 2014, Defendants lowered their sales guidance from $840 million to $825-$830 million, raised their EBITDA guidance from $62 million to $65 million, and reiterated their gross margin guidance of 28.8%. In reaction to these announcements, the price of VOXX common stock fell $2.99 per share, or 18%, to close at $14.00 per share, on heavy trading volume.

On May 14, 2014, after the markets closed, VOXX announced its financial results for the fourth quarter and year end of 2014, the period ending February 28, 2014. For the year, the Company reported net sales of $809.7 million, gross margin of 28.4%, and EBITDA of $54.5 (minus any impairment charges) – all below the Company’s stated guidance. Moreover, the Company reported an impairment charge of $57.6 million related to its Hirschmann, Invision and Klipsch acquisitions, trademarks of various brands, and its Technuity business, among other things. In reaction to these announcements, the price of VOXX common stock fell $2.56 per share, or 25%, to close at $7.51 per share, on heavy trading volume.

On July 22, 2016, the Court issued an Order granting Defendants' motion to dismiss. Plaintiffs were given leave to file an amended complaint. Plaintiffs did not file, thus this case was dismissed with prejudice on November 14.

COMPANY INFORMATION:

Sector: Consumer Cyclical
Industry: Auto & Truck Parts
Headquarters: United States

SECURITIES INFORMATION:

Ticker Symbol: VOXX
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: E.D. New York
DOCKET #: 14-CV-04183
JUDGE: Hon. Joanna Seybert
DATE FILED: 07/08/2014
CLASS PERIOD START: 05/15/2013
CLASS PERIOD END: 05/14/2014
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. Johnson & Weaver LLP
    99 Madison Avenue, 5th Floor, Johnson & Weaver LLP, NY 10016
    212.802.1486 212.602.1592 ·
  2. 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: E.D. New York
DOCKET #: 14-CV-04183
JUDGE: Hon. Joanna Seybert
DATE FILED: 09/28/2015
CLASS PERIOD START: 01/09/2013
CLASS PERIOD END: 05/14/2014
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. Johnson & Weaver LLP
    99 Madison Avenue, 5th Floor, Johnson & Weaver LLP, NY 10016
    212.802.1486 212.602.1592 ·
  2. Marino, Conroy & Coyle
    301 Warton St., Marino, Conroy & Coyle, PA 19147
    212-682-3025 215-682-3010 ·
  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. Sullivan, Ward, Asher & Patton, P.C.
    25800 Northwestern Highway, 1000 Maccabees Center, Sullivan, Ward, Asher & Patton, P.C., MI 48075-1000
    248.746.0700 248.746.0700 ·
No Document Title Filing Date