INVESTOR ALERT: Glancy Binkow & Goldberg LLP Reminds Investors of the Lead Plaintiff Deadline in the Class Action Lawsuit Aga...
March 16 2015 - 12:32PM
Business Wire
Glancy Binkow & Goldberg LLP reminds investors of LeapFrog
Enterprises, Inc. (“LeapFrog” or the “Company”) (NYSE:LF) that
purchasers of LeapFrog securities 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. The Company’s product portfolio consists of multimedia
learning platforms and learning toys. The Company has developed a
number of learning platforms, including the LeapPad family of
learning tablets, the Leapster family of handheld learning game
systems, and the LeapReader reading and writing systems. The
Complaint 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;
however, you must 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, or if you have any questions concerning this announcement
or your rights or interests with respect to these matters, please
contact Lesley Portnoy, Esquire, of Glancy Binkow & Goldberg
LLP, 1925 Century Park East, Suite 2100, Los Angeles, California
90067, at (310) 201-9150, by e-mail to shareholders@glancylaw.com,
or visit our website at http://www.glancylaw.com. If you inquire by
email, please include your mailing address, telephone number and
number of shares purchased.
This press release may be considered Attorney Advertising in
some jurisdictions under the applicable law and ethical rules.
Glancy Binkow & Goldberg LLP, Los Angeles, CALesley
Portnoy310-201-9150888-773-9224shareholders@glancylaw.comwww.glancylaw.com
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