INVESTOR ALERT: Law Offices of Howard G. Smith Announces Lead Plaintiff Deadline in the Class Action Lawsuit Against LeapFrog...
February 10 2015 - 10:32AM
Business Wire
Law Offices of Howard G. Smith reminds investors that 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”), have until March 24, 2015, to file
a motion to be appointed as lead plaintiff in the shareholder
lawsuit filed in the United States District Court for the Northern
District of California. 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 may move
the Court no later than March 24, 2015, 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 you 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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