On or around 02/04/2019 (Date of order of distribution of settlement)
Filing Date: March 11, 2016
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.
Company & Securities Information
Defendant: magicJack VocalTec Ltd.
Industry: Communications Equipment
Ticker Symbol: CALL
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.
First Identified Complaint
James Gormley, et al. v. magicJack VocalTec Ltd., et al.