Robbins Arroyo LLP: Checkpoint Systems, Inc. (CKP) Misled Shareholders According to a Recently Filed Class Action
November 16 2015 - 4:09PM
Business Wire
Shareholder rights law firm Robbins Arroyo LLP announces that a
class action complaint was filed in the U.S. District Court for the
District of New Jersey. The complaint alleges that officers and
directors of Checkpoint Systems, Inc. (NYSE: CKP) violated the
Securities Exchange Act of 1934 between March 5, 2015 and November
3, 2015, by making materially false and misleading statements about
Checkpoint Systems' business prospects. Checkpoint Systems
manufactures and provides technology-driven, loss prevention,
inventory management, and labeling solutions to the retail and
apparel industries worldwide.
View this information on the law firm's Shareholder Rights
Blog:www.robbinsarroyo.com/shareholders-rights-blog/checkpoint-systems-inc-2
Checkpoint Systems Accused of Issuing Misleading Financial
Information
According to the complaint, in 2015, Checkpoint Systems filed
several Form 10-Qs and a Form 10-K with the U.S. Securities and
Exchange Commission ("SEC"), containing detailed information
regarding anticipated 2015 results, income tax provisions, and
other financial statements. The filings also stated that the
company had adequate internal controls in place to ensure the
accuracy of its financial results. The complaint alleges these
filings were fraudulently disclosed to investors as an accurate
reflection of the company's financial status, when in fact, they
were false.
After the market closed on November 3, 2015, Checkpoint Systems
filed a Form 8-K with the SEC, admitting that it discovered
financial statement errors attributable to the accounting for its
quarterly income tax provision. It stated that investors should no
longer rely upon the company's previously issued financial
statements and any earnings releases or other company
communications relating to those periods. The following day, the
company filed restated financial reports for the affected time
periods. On this news, Checkpoint Systems' stock price plummeted,
falling by $1.73 per share, or more than 22%, to close at $5.97 per
share on November 4, 2015.
Checkpoint Systems Shareholders Have Legal Options
Concerned shareholders who would like more information about
their rights and potential remedies can contact attorney Darnell R.
Donahue at 800-350-6003, DDonahue@robbinsarroyo.com, or via the
shareholder information form on the firm's website.
Robbins Arroyo LLP is a nationally recognized leader in
shareholder rights law. The firm represents individual and
institutional investors in shareholder derivative and securities
class action lawsuits, and has helped its clients realize more than
$1 billion of value for themselves and the companies in which they
have invested.
Attorney Advertising. Past results do not guarantee a similar
outcome.
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version on businesswire.com: http://www.businesswire.com/news/home/20151116006465/en/
Robbins Arroyo LLPDarnell R. Donahue619-525-3990 or Toll-Free
800-350-6003DDonahue@robbinsarroyo.comwww.robbinsarroyo.com
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