BOSTON, March 20, 2014 /PRNewswire/ -- Block & Leviton, LLP is investigating claims of potential securities fraud by Checkpoint Systems, Inc. ("Checkpoint")(NYSE: CKP). Checkpoint today announced that it would be required to restate its previously issued financial results for its past three fiscal years due to improper revenue recognition.
Specifically, Checkpoint announced that the financial statements contained in the Company's Annual Reports for the fiscal years ending December 25, 2011, December 30, 2012 and Quarterly Reports for the three months ending March 31, June 30 and September 29, 2013 contain material errors and should no longer be relied upon. The errors relate to the timing of the recognition of income. As a result of the errors, Checkpoint will be forced to restate its financials. Further, the Company is currently assessing its internal control over financial reporting and the effectiveness of its disclosure controls and procedures. The news follows Checkpoint's previous announcement that it was delaying the distribution of its 2013 fourth quarter and fiscal year earnings release as it needed additional time to complete the review of its financial results for the fourth quarter and full year 2013. The Company further disclosed that it had discovered errors in the financial statements attributable to the timing of the recognition of income related to certain lease transactions in the Company's European business that it believes are material.
If you purchased Checkpoint stock prior to March 20, 2014 and have questions about your legal rights, or if you have any information relevant to this investigation, please contact Steven P. Harte at (617) 398-5600.
Block & Leviton is a Boston-based law firm representing investors for violations of securities laws. The firm's lawyers have collectively been prosecuting securities cases on behalf of investors for over 50 years.
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Steven Harte, Esq.
SOURCE Block & Leviton LLP