NEW YORK, May 15, 2015 /PRNewswire/ -- Pomerantz LLP
announces that a class action lawsuit has been filed against
Quiksilver Inc. ("Quiksilver" or the "Company")(NYSE: ZQK) and
certain of its officers. The class action, filed in
United States District Court, Central District of California, is on behalf of a class consisting
of all persons or entities who purchased Quiksilver securities
between June 6, 2014 and March 26, 2015, inclusive (the "Class
Period"). This class action seeks to recover damages against
Defendants for alleged violations of the federal securities laws
under the Securities Exchange Act of 1934 (the "Exchange
Act").
If you are a shareholder who purchased Quiksilver securities
during the Class Period, you have until June
1, 2015 to ask the Court to appoint you as Lead Plaintiff
for the class. A copy of the Complaint can be obtained at
www.pomerantzlaw.com. To discuss this action, contact
Robert S. Willoughby at
rswilloughby@pomlaw.com or 888.476.6529 (or 888.4-POMLAW), toll
free, x237. Those who inquire by e-mail are encouraged to include
their mailing address, telephone number, and number of shares
purchased.
Quiksilver designs, develops, and distributes branded apparel,
footwear, accessories, and related products primarily for men,
women, and children. Its products are for various activities,
including casual and outdoor lifestyle associated with surfing,
skateboarding, snowboarding, BMX and motocross, and rally car.
The complaint alleges that during the Class Period, Defendants
made false and/or misleading statements, and failed to disclose
material adverse facts about the Company's business, operations,
prospects and performance. Specifically, during the Class
Period, Defendants made false and/or misleading statements and/or
failed to disclose that: (1) the Company lacked adequate
internal controls over financial reporting; and (2) as a result of
the foregoing, the Company's financial statements were materially
false and misleading at all relevant times.
On March 4, 2015, the Company
announced that it would delay its first quarter earnings report due
to its audit committee's investigation of a "revenue cut-off
issue."
On this news, shares of Quiksilver fell $0.09 per share or approximately 5% from its
previous closing price to close at $1.90 per share on March
4, 2015.
On March 26, 2015, the Company
filed an amended Form 10-K for the fiscal year ended October 31, 2014 (the "Amended 2014 10-K"), which
revealed that its internal control over financial reporting was not
effective as of October 31, 2014.
On this news, shares of Quiksilver fell $0.35 per share or over 15% from its previous
closing price to close at $1.90 per
share on March 27, 2015.
On March 27, 2015, the Company
announced the abrupt removal of Defendant Mooney, effective
March 27, 2015 and sudden resignation
of Defendant Shields, effective April 3,
2015.
The Pomerantz Firm, with offices in New York, Chicago, Florida, and San
Diego, is acknowledged as one of the premier firms in the
areas of corporate, securities, and antitrust class litigation.
Founded by the late Abraham L.
Pomerantz, known as the dean of the class action bar, the
Pomerantz Firm pioneered the field of securities class actions.
Today, more than 70 years later, the Pomerantz Firm continues in
the tradition he established, fighting for the rights of the
victims of securities fraud, breaches of fiduciary duty, and
corporate misconduct. The Firm has recovered numerous
multimillion-dollar damages awards on behalf of class members. See
www.pomerantzlaw.com.
CONTACT:
Robert S.
Willoughby
Pomerantz LLP
rswilloughby@pomlaw.com
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SOURCE Pomerantz LLP