Checkpoint investors may receive additional information about the case by clicking the link "Join this Class Action" above.
According to the complaint, Checkpoint manufactures and markets labeling systems and solutions for a diverse customer base, providing RF source tagging, barcode labeling systems, electronic article surveillance, handheld labeling systems, and retail merchandising systems for applications within the automatic identification industry.
The complaint alleges that throughout the Class Period, the defendants made false and misleading statements and failed to disclose material information, with respect to the accounting for the company’s quarterly income tax provisions.
The Class Period begins on March 5, 2015, when Checkpoint filed with the SEC a Form 10-K providing its financial results for the fourth quarter and year end 2014. The company also filed with the SEC, as an attachment to a Form 8-K, a press release accompanying the March 5, 2015 filing which included a section entitled 2015 Outlook. The press release contained detailed information with regards to anticipated 2015 results and tax impact.
Then, after the markets closed on November 3, 2015, Checkpoint filed a Form 8-K with the SEC, including an Item 4.02(a), Non-Reliance on Previously Issued Financial Statements or a Related Audit Report or Completed Interim Review, in which it announced that it had discovered errors attributable to the accounting for the quarterly income tax provisions in its recently reported financial results.
Following this news, Checkpoint’s stock fell $1.73 per share, or 22%, between November 3, 2015 and November 4, 2015. The single day drop represented an immediate loss of over $70 million in market capitalization.
If you are a member of the class described above, you may no later than January 11, 2016, move the Court to serve as lead plaintiff of the class, if you so choose.
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. Your ability to share in any recovery is not, however, affected by the decision whether or not to serve as a lead plaintiff. Any member of the purported class may move the court to serve as a lead plaintiff through counsel of their choice, or may choose to do nothing and remain an inactive class member.
Kessler Topaz Meltzer & Check, LLP has not filed a complaint in this matter. If you wish to discuss this action or have any questions concerning this notice or your rights or interests with respect to these matters, please contact Kessler Topaz Meltzer & Check, LLP.
Kessler Topaz Meltzer & Check, LLP
James Maro, Esq.
Adrienne Bell, Esq.
280 King of Prussia Road
Radnor, PA 19087
1-888-299-7706 (toll free) or 1-610-667-7706