NEW YORK, Aug. 22, 2017 /PRNewswire/ -- Rosen Law Firm, a global investor rights law firm, announces the filing of a class action lawsuit on behalf of purchasers of the securities of Quadrant 4 System Corp. (OTC: QFOR) from August 14, 2012 through June 30, 2017, both dates inclusive (the "Class Period"). The lawsuit seeks to recover damages for Quadrant 4 System investors under the federal securities laws.
NO CLASS HAS YET BEEN CERTIFIED IN THE ABOVE ACTION. UNTIL A CLASS IS CERTIFIED, YOU ARE NOT REPRESENTED BY COUNSEL UNLESS YOU RETAIN ONE. YOU MAY ALSO REMAIN AN ABSENT CLASS MEMBER AND DO NOTHING AT THIS POINT. YOU MAY RETAIN COUNSEL OF YOUR CHOICE.
According to the lawsuit, defendants throughout the Class Period made false and/or misleading statements and/or failed to disclose that: (1) defendant Nandu Thondavadi, former CEO of Quadrant 4 System and defendant Dhru Desai, former CFO of Quadrant 4 System, engaged in an accounting fraud scheme that misled investors; (2) defendants Thondavadi and Desai stole more than $4 million from Quadrant 4 System; (3) defendants Thondavadi and Desai caused Quadrant 4 System to understate its liabilities and inflate its revenues and assets and evaded scrutiny by lying to Quadrant 4 System's auditors and providing them with forged and doctored documents; and (4) as a result, defendants' public statements were materially false and misleading at all relevant times. When the true details entered the market, the lawsuit claims that investors suffered damages.
A class action lawsuit has already been filed. If you wish to serve as lead plaintiff, you must move the Court no later than September 5, 2017. If you wish to join the litigation, go to http://www.rosenlegal.com/cases-1155.html or to discuss your rights or interests regarding this class action, please contact Phillip Kim or Kevin Chan of Rosen Law Firm toll free at 866-767-3653 or via email at [email protected] or [email protected].
Rosen Law Firm represents investors throughout the globe, concentrating its practice in securities class actions and shareholder derivative litigation. Since 2014, Rosen Law Firm has been ranked #2 in the nation by Institutional Shareholder Services for the number of securities class action settlements annually obtained for investors.