Ryan & Maniskas, LLP Announces Class Action Lawsuit Against Polycom, Inc.

WAYNE, Pa., Aug. 5, 2013 /PRNewswire/ -- Ryan & Maniskas, LLP (www.rmclasslaw.com/cases/plcm) announces that a class action lawsuit has been filed in the District Court for the Northern District of California against Polycom, Inc. ("Polycom" or the "Company") (NASDAQ: PLCM) common stock during the period between July 24, 2012 and July 23, 2013, inclusive (the "Class Period").

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For more information regarding this class action suit, please contact Ryan & Maniskas, LLP (Richard A. Maniskas, Esquire) toll-free at (877) 316-3218 or by email at [email protected] or visit: www.rmclasslaw.com/cases/plcm. 

Polycom provides standards-based unified communications and collaboration, including video, voice and content-management and content-sharing solutions, mobile device applications, browser-based video collaboration and cloud-delivered services. On July 23, 2013 Polycom issued a press release announcing the resignation of the Company's President and Chief Executive Officer, Andrew Miller. According to the Company, on July 17, 2013 the Audit Committee of the Board of Directors completed "a review of certain of Mr. Miller's expense submissions" and found "certain irregularities in these submissions." Following this news, the price of Polycom shares fell $1.69, or over 15%, to $9.49 per share on July 24, 2013, on volume of more than 14 million shares traded.

The Complaint alleges that during the Class Period the Company issued false and/or misleading statements and/or failed to disclose that: (1) the Company's CEO had been submitting inappropriate and irregular expense submissions; (2) the Company's CEO was violating the Company's code of conduct and was subject to dismissal at all relevant times; (3) the Company did not have effective internal controls over its business operations thus materially impacting the Company's current and previous financial statements; (4) the CEO's improper conduct created a risk that he would be terminated from the Company, jeopardizing the Company's future success; and (5) as a result of the above, the Company's financial statements were materially false and misleading at all relevant times.

If you are a member of the class, you may, no later than September 24, 2013, request that the Court appoint you as lead plaintiff of the class.  A lead plaintiff is a representative party that acts on behalf of other class members in directing the litigation.  In order to be appointed lead plaintiff, the Court must determine that the class member's claim is typical of the claims of other class members, and that the class member will adequately represent the class.  Under certain circumstances, one or more class members may together serve as "lead plaintiff."  Your ability to share in any recovery is not, however, affected by the decision whether or not to serve as a lead plaintiff.  You may retain Ryan & Maniskas, LLP or other counsel of your choice, to serve as your counsel in this action.

For more information about the case or to participate online, please visit: www.rmclasslaw.com/cases/plcm or contact Richard A. Maniskas, Esquire toll-free at (877) 316-3218, or by e-mail at [email protected].  For more information about class action cases in general or to learn more about Ryan & Maniskas, LLP, please visit our website: www.rmclasslaw.com.

Ryan & Maniskas, LLP is a national shareholder litigation firm.  Ryan & Maniskas, LLP is devoted to protecting the interests of individual and institutional investors in shareholder actions in state and federal courts nationwide.

SOURCE Ryan & Maniskas, LLP

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