INVESTOR ALERT: Class Action Lawsuit Against LeapFrog Enterprises, Inc. Announced by Law Offices of Howard G. Smith
February 03 2015 - 3:07PM
Business Wire
Law Offices of Howard G. Smith announces that a class action
lawsuit has been filed in the United States District Court for the
Northern District of California on behalf of purchasers of the
securities of LeapFrog Enterprises, Inc. (“LeapFrog” or the
“Company”) (NYSE:LF) between May 5, 2014 and January 22, 2015,
inclusive (the “Class Period”). LeapFrog is a developer of
educational entertainment for children, including the LeapPad
family of learning tablets.
The lawsuit alleges that defendants made false and/or misleading
statements and/or failed to disclose to investors that: (1) the
Company was experiencing a decline in consumer demand; (2) the
launch and shipment of the Company’s new LeapTV video game system
were delayed by developmental issues; (3) retailers were
overstocked with the Company’s LeapPad products; (4) as a result,
the Company lacked a reasonable basis for its financial guidance;
and (5), as a result of the foregoing, the Company’s statements
were materially false and misleading at all relevant times.
On January 22, 2015, after the close of trading, LeapFrog
announced preliminary financial results for its 2014 fiscal third
quarter. These financial results were significantly below the
Company’s stated expectations and financial guidance. According to
the Company, LeapFrog’s disappointing sales results were related to
decreased demand for its products and development issues with the
Company’s LeapTV educational video game system. Following this
news, shares of LeapFrog declined nearly 35%, to close on January
23, 2015, at $2.55 per share, on unusually heavy volume.
If you are a member of the Class described above, you have until
March 24, 2015, to move the Court to serve as lead plaintiff, if
you meet certain legal requirements. To be a member of the Class
you need not take any action at this time; you may retain counsel
of your choice or take no action and remain an absent member of the
Class. If wish to learn more about this action, please contact
Howard G. Smith, Esquire, of Law Offices of Howard G. Smith, 3070
Bristol Pike, Suite 112, Bensalem, Pennsylvania 19020 by telephone
at (215) 638-4847, Toll Free at (888) 638-4847, or by email to
howardsmith@howardsmithlaw.com, or visit our website at
http://www.howardsmithlaw.com.
Law Offices of Howard G. SmithHoward G. Smith, Esquire(215)
638-4847(888)
638-4847howardsmith@howardsmithlaw.comwww.howardsmithlaw.com
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