SAN DIEGO & THOROFARE, N.J., March 27, 2014 /PRNewswire/ -- Shareholder rights law firm Robbins Arroyo LLP is investigating whether certain officers and directors of the security and loss prevention company, Checkpoint Systems, Inc. (NYSE: CKP), breached their fiduciary duties to shareholders.
View the investigation on the law firm's Shareholder Rights Blog: www.robbinsarroyo.com/shareholders-rights-blog/checkpoint-systems-inc
Checkpoint Announces Delay and Restatements in Financial Reporting
On March 6, 2014, Checkpoint announced that it was delaying its 2013 fourth quarter and fiscal year earnings reports, stating that additional time was needed to complete its review of the financial results for those time periods. Shortly thereafter, on March 20, 2014, Checkpoint disclosed that it was restating its financial statements for not only the fiscal years ending December 25, 2011 and December 30, 2012, but also for the three fiscal quarters ending March 31, June 30, and September 29, 2013 due to errors in the timing and recognition of income related to a previous transaction in 2011. Since Checkpoint's initial March 6 disclosure, shares of the company have fallen $1.60 per share, or nearly 11%, to close at a price of $13.50 per share on March 21, 2014.
In light of this news, Robbins Arroyo LLP is investigating whether Checkpoint's board of directors breached its fiduciary duties to shareholders by failing to implement adequate internal financial controls.
Checkpoint Shareholders Have Legal Options
Robbins Arroyo LLP highlights that Checkpoint shareholders have the option to pursue a shareholder litigation demand or shareholder derivative action through which shareholders aim to hold insider wrongdoers accountable for their actions, prevent future misconduct, and bring long-term value back to the company. Concerned shareholders who would like more information about their rights and potential remedies can contact attorney Darnell R. Donahue at (800) 350-6003, DDonahue@robbinsarroyo.com, or via the shareholder information form on the firm's website.
Robbins Arroyo LLP is a nationally recognized leader in shareholder rights law. The firm represents individual and institutional investors in shareholder derivative and securities class action lawsuits, and has helped its clients realize more than $1 billion of value for themselves and the companies in which they have invested.
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SOURCE Robbins Arroyo LLP