NEW YORK, May 17, 2016 /PRNewswire/ -- Harwood Feffer LLP (www.hfesq.com) is investigating potential claims against the board of directors of Liquidity Services, Inc. ("Liquidity" or the "Company") (NASDAQ: LQDT), concerning whether the board has breached its fiduciary duties to shareholders.
On March 31, 2016, the U.S. District Court for the District of Columbia denied in part a motion to dismiss a securities fraud class action pending against the Company, Case No. 1:14-cv-01183-BAH.
According to the class action complaint, between February 2012 and May 2014, Liquidity representatives falsely depicted the state of the company's retail and commercial capital assets businesses in public statements. As a result, the price of the Company's stock was inflated. Simultaneously, the Company's CEO sold over $65 million in Liquidity stock.
Our investigation concerns whether the Company board of directors has breached its fiduciary duties to shareholders, grossly mismanaged the Company, and/or committed abuses of control in connection with the foregoing.
If you own Liquidity shares and wish to discuss this matter with us, or have any questions concerning your rights and interests with regard to this matter, please contact:
Robert I. Harwood, Esq.
Benjamin I. Sachs-Michaels, Esq.
Harwood Feffer LLP
488 Madison Avenue
New York, New York 10022
Phone Numbers: (877) 935-7400
Follow us on Twitter: @HarwoodFeffer
Harwood Feffer has been representing individual and institutional investors for many years, serving as lead counsel in numerous cases in federal and state courts. Please visit the Harwood Feffer LLP website (http://www.hfesq.com) for more information about the firm.
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SOURCE Harwood Feffer LLP