WILMINGTON, Del., Nov. 5, 2015 /PRNewswire/ -- Rigrodsky & Long, P.A.:
- Do you own shares of Checkpoint Systems, Inc. (NYSE: CKP)?
- Did you lose money in your investment?
Rigrodsky & Long, P.A. announces that it has commenced an investigation of Checkpoint Systems, Inc. ("Checkpoint" or the "Company") for possible violations of the federal securities laws by the Company and certain of its officers and directors.
In its amended Form 10-Q filed with the United States Securities and Exchange Commission before the markets opened on November 4, 2015, Checkpoint reported that it had discovered financial statement errors due to its quarterly income tax accounting for the first and second quarters of 2015. As a result, the Company disclosed that it would restate its first quarter 2015 financial statements to increase tax expense by $1.8 million, increase its net loss by $1.8 million, and decrease its diluted earnings per share by $0.04. Checkpoint further disclosed that it would restate its second quarter 2015 financial statements to increase tax expense by $4.1 million, increase net loss by $4.1 million, and decrease diluted earnings per share by $0.10. For the year-to-date period ending June 28, 2015, the Company reported that it would increase tax expense by $5.9 million, increase net loss by $5.9 million, and decrease diluted earnings per share by $0.14. Finally, Checkpoint disclosed that it did not "maintain effective controls over the period end financial reporting process" for the first and second quarters of 2015.
On the day the disclosures were made, November 4, 2015, the price of Checkpoint stock fell to close at $5.97 per share compared to previous day's closing price of $7.70 per share.
If you purchased shares of Checkpoint and wish to discuss this investigation, please contact Timothy J. MacFall, Esquire or Peter Allocco of Rigrodsky & Long, P.A., 2 Righter Parkway, Suite 120, Wilmington, DE 19803 at (888) 969-4242; by e-mail to firstname.lastname@example.org; or at: http://rigrodskylong.com/investigations/checkpoint-systems-inc-ckp.
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