NEW YORK, June 12, 2012 /PRNewswire/ -- Harwood Feffer LLP (www.hfesq.com) is investigating potential claims against the board of directors of ModusLink Global Solutions, Inc. ("ModusLink" or the "Company") (NASDAQ: MLNK), concerning whether the board has breached its fiduciary duties to shareholders.
On June 11, 2012, the Company disclosed that it had received an inquiry from the SEC regarding the Company's accounting for rebates associated with volume discounts provided by vendors. The Company also announced that as a result of the accounting problems at issue in the SEC inquiry, a Company investigation had found that the Company would need to restate its financial results for the fiscal years of 2009, 2010, 2011, and the first half of 2012, as well as certain data from 2007 and 2008. The restatements are expected to reduce the Company's revenue by at least $20 to $30 million.
Our investigation concerns whether the ModusLink 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 ModusLink 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:
Benjamin Sachs-Michaels, Esq.
Matthew M. Houston, Esq.
Robert I. Harwood, Esq.
Harwood Feffer LLP
488 Madison Avenue
New York, New York 10022
Phone Numbers: (877) 935-7400
Email: [email protected]
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