RADNOR, Pa., March 21, 2016 /PRNewswire/ -- The law firm of Kessler Topaz Meltzer & Check, LLP announces that a shareholder class action lawsuit has been filed against PTC, Inc. (Nasdaq: PTC) ("PTC" or the "Company") on behalf of purchasers of the Company's securities between November 24, 2011 and July 29, 2015, inclusive (the "Class Period").
PTC shareholders who purchased their securities during the Class Period may, no later than May 6, 2016, petition the Court to be appointed as a lead plaintiff representative of the class.
PTC shareholders who wish to discuss this action and their legal options are encouraged to contact Kessler Topaz Meltzer & Check, LLP (Darren J. Check, Esq., D. Seamus Kaskela, Esq. or Adrienne O. Bell, Esq.) at (888) 299-7706 or at email@example.com. For additional information about this lawsuit, or to request information about this action online, please visit https://www.ktmc.com/new-cases/ptc-inc.
PTC designs, manufactures and sells technology solutions, comprised of software and services. The Company's products are primarily used by manufacturers to design, operate and maintain complex products.
The shareholder class action complaint alleges that PTC and certain of its executive officers made a series of false and misleading statements, and failed to disclose material adverse facts to investors regarding the Company's business and operations. As detailed in the complaint, the defendants are alleged to have made false and misleading statements and failed to disclose that: (1) PTC did not disclose to the U.S. Securities and Exchange Commission ("SEC") and the Department of Justice ("DOJ") the full results of its investigation into whether PTC China improperly provided recreational travel to Chinese government officials in violation of the Foreign Corrupt Practices Act ("FCPA"); (2) PTC was not cooperating with the SEC and the DOJ in connection with their investigations into whether PTC China improperly provided recreational travel to Chinese government officials in violation of the FCPA; (3) PTC's books and records were inaccurate and PTC failed to maintain adequate internal accounting controls; and (4) as a result, PTC's public statements were materially false and misleading at all relevant times.
On July 29, 2015, PTC issued a press release reporting, among other things, that the Company had "recorded a liability of $13.6 million associated with pending discussions" with the SEC and DOJ to resolve their investigations of PTC. Further, the Company reported that $13.6 million was "the minimum amount of liability" that it expected to incur if it ultimately settled the SEC and DOJ investigations. Following this news, shares of PTC's stock declined $1.57 per share, or over 4%, to close on July 30, 2015 at $36.23 per share.
PTC shareholders who purchased their securities during the Class Period (November 24, 2011 – July 29, 2015) may, no later than May 6, 2016, petition the Court to be appointed as a lead plaintiff representative of the class.
Members of the purported class may petition the Court to be appointed as a lead plaintiff representative through Kessler Topaz Meltzer & Check or other counsel, or may choose to do nothing and remain an absent class member. A lead plaintiff is a representative party who acts on behalf of other class members in directing the litigation. In order to be appointed as a lead plaintiff, the Court must determine that the class member's claim is typical of the claims of other class members, and that the class member will adequately represent the class in the action. Your ability to share in any recovery is not affected by the decision of whether or not to serve as a lead plaintiff.
Kessler Topaz Meltzer & Check prosecutes class actions in state and federal courts throughout the country. Kessler Topaz Meltzer & Check is a driving force behind corporate governance reform, and has recovered billions of dollars on behalf of institutional and individual investors from the United States and around the world. The firm represents investors, consumers and whistleblowers (private citizens who report fraudulent practices against the government and share in the recovery of government dollars). The complaint in this action was not filed by Kessler Topaz Meltzer & Check. For more information about Kessler Topaz Meltzer & Check, or for additional information about participating in this action, please visit www.ktmc.com.
Kessler Topaz Meltzer & Check, LLP
Darren J. Check, Esq.
D. Seamus Kaskela, Esq.
Adrienne O. Bell, Esq.
280 King of Prussia Road
Radnor, PA 19087
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SOURCE Kessler Topaz Meltzer & Check, LLP