Headquartered in Israel, magicJack VocalTec Ltd. ("magicJack") is a company that offers voice over Internet protocol (VoIP) telephone services in the United States and Canada.

According to the law firm press release, the Complaint alleges that throughout the Class Period, magicJack misrepresented the Company’s expected financial performance in a scheme to artificially deflate the price of magicJack’s securities. Due to the misrepresentations made by Defendants, members of the Class sold or otherwise divested magicJack’s common stock at artificially deflated prices, thus incurring losses. When the Company’s alleged misrepresentations and fraudulent conduct became apparent, the price of magicJack’s shares dramatically increased, as the artificial depression was removed from the share price.

On July 12, 2016, the Court appointed lead Plaintiff and Counsel. Lead Plaintiff filed an amended complaint on August 19.

On September 20, 2017, the parties entered into a Stipulation of Settlement. Preliminary approval was granted on September 29. On January 19, 2018, the Court granted final approval of the settlement and entered Final Judgment. The Court issued an Order granting the motion for distribution of the net Settlement fund on February 4, 2019.