NEW YORK, Jan. 23, 2017 /PRNewswire/ -- Pomerantz LLP is investigating claims on behalf of investors of NCI, Inc. ("NCI" or the "Company") (NASDAQ: NCIT). Such investors are advised to contact Robert S. Willoughby at firstname.lastname@example.org or 888-476-6529, ext. 9980.
The investigation concerns whether NCI and certain of its officers and/or directors have engaged in securities fraud or other unlawful business practices.
On January 23, 2017, NCI announced that based on the preliminary findings of an internal investigation, NCI's controller embezzled at least $18 million from the Company over the past six years. NCI's findings thus far indicate that the embezzled funds were reflected as expenses in the Company's financial statements, and concluded that the unaudited interim financial statements for the nine-month period ending September 30, 2016 contain material errors related to the theft, and, therefore, should not be relied upon by investors. NCI stated that it will provide amended financial results for that nine-month period as part of the completion of its financial reporting process for the fiscal year 2016.
On this news, NCI stock has fallen as much as $1.60, or 11.47%, to a low of $12.35 during intraday trading on January 23, 2017.
The Pomerantz Firm, with offices in New York, Chicago, Florida, and Los Angeles, is acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class litigation. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, the Pomerantz Firm pioneered the field of securities class actions. Today, more than 80 years later, the Pomerantz Firm continues in the tradition he established, fighting for the rights of the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered numerous multimillion-dollar damages awards on behalf of class members. See www.pomerantzlaw.com
Robert S. Willoughby
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SOURCE Pomerantz LLP