Remember, if you are a shareholder, if a business has provided you with false financial claims resulting in a loss of money, you could potentially hold it, as well as its board of directors, liable. This could occur if a company provides you with an erroneous picture of its current or past finances, business prospects or expected financial results.
As an investor, you have certain rights. You should expect to receive truthful information from a company about its financial prospects. If you do not, through a class action lawsuit, you can hold a business liable on the behalf of all investors who have also been affected by this form recklessness.
IBM Shareholder Files Lawsuit, Seeks Class Action Status
Recently, Reuters reported that IMB Corp was sued by a shareholder who says that the company committed securities fraud by failing to document a money-losing semiconductor unit it paid $1.5 billion to another company to takeover.
According to the news outlet, the lawsuit was filed in Manhattan. It claims that on October 20, 2014, IBM agreed that it would sell the semiconductor unit to GlobalFoundries Inc. According to the lawsuit, IBM inflated its stock price before selling the semiconductor unit by carrying the unit’s property, plant and equipment assets on its books at $2.4 billion, when the asset was actually of no value.
The lawsuit seeks class action status on the behalf of investors from April 17 to October 17, 2014.
Pursuing a Lawsuit Over a Securities or Stock Claim
Remember, people who invest money into a company deserve to have an accurate portrayal of its financial prospects.
If you are an investor who has been affected by a security or stock in which you were given a false depiction, be aware that attorney Gary S. Graifman has been involved in prosecuting a number of national class action suits.
Kantrowitz, Goldhamer & Graifman, P.C. – Class Action Lawyers