NEW YORK, Aug. 5, 2014 /PRNewswire/ -- Harwood Feffer LLP (www.hfesq.com) is investigating potential claims against the board of directors of NetSol Technologies, Inc. ("NetSol" or the "Company") (NASDAQ: NTWK), concerning whether the board has breached its fiduciary duties to shareholders.
During the second half of 2013, NetSol projected a good financial outlook and strong growth potential. Then, on November 8, 2013, NetSol announced its financial results for the quarter ended September 30, 2013. The Company reported increased expenses, decreased earnings, and a poor financial outlook. On this news, shares of NetSol dropped approximately 30%.
Media reports at the time questioned the accuracy of the Company's financial disclosures. According to some commentators, the Company employed unorthodox accounting for its research and development expenses and failed to disclose that it has problems collecting accounts receivable.
Our investigation concerns whether the Company board of directors has breached its fiduciary duties to shareholders, grossly mismanaged the Company, and/or committed abuses of control in connection with the foregoing.
If you own NetSol shares and wish to discuss this matter with us, or have any questions concerning your rights and interests with regard to this matter, please contact:
Robert I. Harwood, Esq.
Benjamin I. Sachs-Michaels, Esq.
Harwood Feffer LLP
488 Madison Avenue
New York, New York 10022
Phone Numbers: (877) 935-7400
Harwood Feffer has been representing individual and institutional investors for many years, serving as lead counsel in numerous cases in federal and state courts. Please visit the Harwood Feffer LLP website (http://www.hfesq.com) for more information about the firm.
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SOURCE Harwood Feffer LLP