SHAREHOLDER ALERT: Pomerantz Law Firm Investigates Claims On Behalf of Investors of LoJack Corporation - LOJN
NEW YORK, Nov. 4, 2014 /PRNewswire/ -- Pomerantz LLP is investigating claims on behalf of investors of LoJack Corporation ("LoJack" or the "Company") (NASDAQ: LOJN). Such investors are advised to contact Robert S. Willoughby at [email protected] or 888-476-6529, ext. 237.
The investigation concerns whether LoJack and certain of its officers and/or directors have violated Sections 10(b) and 20(a) of the Securities Exchange Act of 1934.
On October 30, 2014, the Company announced a plan to consolidate its Canadian operations to reduce costs and more closely align this business with its U.S. operations. As a result of this plan, the Company expects to incur a pre-tax charge of approximately $2.4 million in the fourth quarter of 2014, comprised of $2.0 million of severance and other employee-related costs and $0.4 million related to contractual lease obligations.
Additionally, the Company announced the hiring of Kenneth L. Dumas as Senior Vice President, Chief Financial Officer and Treasurer of the Company, effective as of November 10, 2014. In such capacity, Mr. Dumas will serve as the principal financial officer of the Company. Casey Delaney, who has been serving as Acting Chief Financial Officer, will continue in her positions as Vice President and Controller (and principal accounting officer) following Mr. Dumas's appointment.
On this news, shares of LoJack fell $0.82 per share, or more than 24.19%, to $2.57 per share in intraday trading on October 30, 2014.
The Pomerantz Firm, with offices in New York, Chicago, San Diego and Florida, is acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class litigation. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, the Pomerantz Firm pioneered the field of securities class actions. Today, more than 70 years later, the Pomerantz Firm continues in the tradition he established, fighting for the rights of the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered numerous multimillion-dollar damages awards on behalf of class members. See www.pomerantzlaw.com.
CONTACT:
Robert S. Willoughby
Pomerantz LLP
[email protected]
SOURCE Pomerantz LLP
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