NEW YORK, Feb. 25, 2016 /PRNewswire/ -- WeissLaw LLP, a national class action, shareholder rights law firm with offices in New York and Los Angeles, announces an investigation of PTC, Inc. ("PTC" or the "Company"). The investigation focuses on possible breaches of fiduciary duty, violations of federal securities laws and the U.S. Foreign Corrupt Practices Act ("FCPA") by the Board of Directors of PTC.
On February 16, 2016, PTC announced that it will pay $28.2 million in penalties and interest to the U.S. Securities and Exchange Commission and the Department of Justice to resolve allegations of bribery. The Company admitted in its settlement that two of its subsidiaries arranged luxurious trips to the United States for various Chinese officials in exchange for lucrative contracts with Chinese-state owned entities. The improper payments were revealed to be disguised as legitimate business expenses in the Company's books and records. The settlement comes on the heels of PTC reporting a $25.5 million net loss in revenue in the first quarter of 2016.
Given these facts, WeissLaw is investigating whether the Board of Directors (1) made false and/or misleading statements; (2) failed to meet the recordkeeping requirements and accounting provisions established by the FCPA; and (3) failed to establish and maintain comprehensive security features to safeguard the Company against employee misconduct. If you own PTC shares and would like more information about your rights or our investigation, please contact Joshua Rubin either by telephone at (888) 593-4771 or by email at firstname.lastname@example.org.
WeissLaw LLP has litigated hundreds of stockholder class and derivative actions for violations of corporate and fiduciary duties. We have recovered over a billion dollars for defrauded clients and obtained important corporate governance relief in many of these cases. If you have information or would like legal advice concerning possible corporate wrongdoing (including insider trading, waste of corporate assets, accounting fraud, or materially misleading information), consumer fraud (including false advertising, defective products, or other deceptive business practices), or anti-trust violations, please email us at email@example.com or fill out the form on our website, http://www.weisslawllp.com/contact/report_fraud/.
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SOURCE WeissLaw LLP