NEW YORK, July 29, 2013 Bernstein Liebhard LLP today announced that a class action has been commenced in the United States District Court for the Northern District of California on behalf of all those who purchased securities of Polycom, Inc. (NASDAQ: PLCM) ("Polycom" or the "Company") between July 24, 2012 and June 23, 2013, inclusive (the "Class Period").
Polycom provides standards-based unified communications and collaboration (UC&C) solutions for voice and video collaboration. The Company offers video, voice, and content-management and content-sharing solutions, such as telepresence and conference room systems, home/work office solutions, applications for mobile devices, browser-based video collaboration, cloud-delivered services, and specialized healthcare video carts.
The Complaint alleges that throughout the Class Period, Defendants made materially false and misleading statements regarding the Company's business, operational and compliance policies. Specifically, Defendants made false and/or misleading statements and/or failed to disclose that: (i) The Company's CEO had been submitting inappropriate and irregular expense submissions, (ii) the Company's CEO was violating the Company's code of conduct and was subject to dismissal at all relevant times; (iii) the Company did not have effective internal controls over their business operations; (iv) the CEO's improper conduct created a risk that he would be terminated from the Company, jeopardizing the Company's future success; and (v) as a result of the above, the Company's financial statements were materially false and misleading at all relevant times.
On July 23, 2013, Polycom announced that its CEO Andrew Miller had resigned after the board found "irregularities" in his expense submissions. The Company stated that Mr. Miller accepted responsibility for his actions. On this news, shares of Polycom fell $1.69 cents, or over 15% percent, to $9.49 per share on July 24, 2013, on volume of over 14 million shares.
Plaintiffs seek to recover damages on behalf of all Class members who invested in Polycom securities during the Class Period. If you invested in Polycom securities as described above during the Class Period, and either lost money on the transaction or still hold the security, you may wish to join in this action to serve as lead plaintiff. In order to do so, you must meet certain requirements set forth in the applicable law and file appropriate papers no later than September 24, 2013.
A "lead plaintiff" is a representative party that acts on behalf of other class members in directing the litigation. In order to be appointed lead plaintiff, the court must determine that the class member's claim is typical of the claims of other class members, and that the class member will adequately represent the class. Under certain circumstances, one or more class members may together serve as lead plaintiff. Your ability to share in any recovery is not, however, affected by the decision whether or not to serve as a lead plaintiff. You may retain Bernstein Liebhard LLP, or other counsel of your choice, to serve as your counsel in this action.
If you are interested in discussing your rights as a Polycom shareholder and/or have information relating to the matter, please contact Joseph R. Seidman, Jr. at (877) 779-1414 or firstname.lastname@example.org.
Bernstein Liebhard LLP has pursued hundreds of securities, consumer and shareholder rights cases and recovered over $3 billion for its clients. It has been named to The National Law Journal's "Plaintiffs' Hot List" in each of the last ten years.
You can obtain a copy of the complaint from the clerk of the court for the United States District Court for the Northern District of California.
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