Case Page

 

Case Status:    ONGOING    
On or around 07/30/2018 (Ongoing date of last review)

Filing Date: February 13, 2018

Quantum Corporation ("Quantum" or "the Company") sells scale-out tiered storage, archive and data protection solutions for capturing, sharing, managing and preserving digital assets in physical and virtual environments. Among other products, Quantum provides storage file systems, nearline storage systems, backup, and deduplication appliances, tape libraries, and cloud services.

According to the law firm press release, on February 8, 2018, Quantum disclosed that in January of 2018, the Company received a subpoena from the Securities and Exchange Commission (SEC) related to revenue recognition for certain transactions, prompting an internal investigation by Quantum, which remains ongoing. As a result, the Company announced that it "is postponing release of its fiscal third quarter 2018 results and its earnings conference call." On this news, Quantum's stock fell dramatically causing millions of dollars in losses to investors.

The complaint alleges that between July 27, 2016 through February 7, 2018 inclusive (the "Class Period"), Quantum and certain of its executives misrepresented the Company's financial results. Specifically, the Complaint alleges that Defendants made false and/or misleading statements and/or failed to disclose that (i) Quantum had inappropriately accounted for revenue relating to certain transactions commencing April 1, 2016; (ii) the Company lacked adequate internal controls over financial reporting; and (iii) that as a result of the foregoing, Quantum's publicly disseminated financial statements were materially false and misleading.

On May 16, 2018, the Court issued an Order consolidating cases and appointing Lead Plaintiff and Counsel. Lead Plaintiff filed a consolidated Complaint on July 30.

COMPANY INFORMATION:

Sector: Technology
Industry: Computer Storage Devices
Headquarters: United States

SECURITIES INFORMATION:

Ticker Symbol: QTM
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.
COURT: N.D. California
DOCKET #: 18-CV-00923
JUDGE: Hon. Richard Seeborg
DATE FILED: 02/13/2018
CLASS PERIOD START: 07/27/2016
CLASS PERIOD END: 02/07/2018
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. Block & Leviton LLP
    155 Federal Street, Suite 1303, Block & Leviton LLP, MA 02110
    (617) 398-5600 (617) 507-6020 ·
No Document Title Filing Date
COURT: N.D. California
DOCKET #: 18-CV-00923
JUDGE: Hon. Richard Seeborg
DATE FILED: 07/30/2018
CLASS PERIOD START: 04/18/2016
CLASS PERIOD END: 02/07/2018
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. Glancy Prongay & Murray LLP
    1925 Century Park East, Suite 2100 , Glancy Prongay & Murray LLP, CA 90067
    (310) 201-9150 (310) 432-1495 ·
  2. Kirby McInerney LLP (New York)
    825 Third Avenue, Kirby McInerney LLP (New York), NY 10022
    212.371.6600 212.371.6600 ·
No Document Title Filing Date