NEW YORK, Aug. 10, 2012 /PRNewswire/ -- Levi & Korsinsky announces that a class action lawsuit has been commenced in the United States District Court for the Central District of California on behalf of shareholders who purchased THQ Inc. (Nasdaq: THQI) stock between May 3, 2011 and February 3, 2012.
The complaint alleges that THQ and certain of its executive officers misrepresented or failed to disclose that: (a) the Company's uDraw GameTablet for Microsoft Xbox 360 and Sony PlayStation 3 was not being purchased by owners of those gaming systems; (b) because demand for uDraw was below internal expectations, the Company would have to take back, or provide price protection, on hundreds of thousands of units that it had sold; and (c) as a result of the foregoing, defendants lacked a reasonable basis for their positive statements about the Company and its prospects.
On December 7, 2011, THQ announced that it expected to report net sales approximately 25% below its previously announced guidance for the third quarter of 2012, due to "weaker-than-expected initial sales" of uDraw. Then on February 2, 2012, THQ announced financial results for the third quarter of 2012, reporting a net loss of $55.9 million. On this news, THQ stock fell 30% to close at just $0.53 per share.
If you suffered a loss in THQ you have until August 14, 2012to request that the Court appoint you as lead plaintiff. Your ability to share in any recovery doesn't require that you serve as a lead plaintiff. To obtain additional information, contact Joseph E. Levi, Esq. either via email at [email protected] or by telephone at (877) 363-5972, or visit http://zlk.9nl.com/thq-thqi.
Levi & Korsinsky is a national firm with offices in New York and Washington D.C. The firm has extensive expertise in prosecuting securities litigation involving financial fraud, representing investors throughout the nation in securities and shareholder lawsuits. Attorney advertising. Prior results do not guarantee similar outcomes.
CONTACT: Levi & Korsinsky, LLP Joseph Levi, Esq. Eduard Korsinsky, Esq. 30 Broad Street - 24th Floor New York, NY 10004 Tel: (212) 363-7500 Toll Free: (877) 363-5972 Fax: (212) 363-7171 www.zlk.com