Zebra investors may receive additional information about the case by clicking the link "Join this Class Action" above.
According to the complaint, Zebra designs, manufactures, and sells a wide range of products that capture and move data, including mobile computers, barcode scanners and imagers, radio frequency identification device readers, and specialty printers for barcode labeling and personal identification. In October 2014, Zebra acquired Motorola Enterprise (“Enterprise”) from Motorola Solutions.
The complaint alleges that, during the Class Period, the defendants issued a series of materially false and misleading statements and/or failed to disclose adverse information about Zebra’s business, prospects and financial results. Specifically, the defendants are alleged to have failed to disclose that Zebra had understated its income taxes and overstated the value of certain assets acquired in the Enterprise acquisition, and failed to disclose the impact that previously identified material weaknesses in its internal controls over financial reporting would have on the Company. Additionally, and due to the foregoing, the defendants’ statements about the Company’s financial guidance are alleged to be false and misleading. As a result of the defendants’ false statements, Zebra common stock traded at artificially inflated prices during the Class Period.
On May 10, 2016, Zebra announced disappointing financial results for the First Quarter of Fiscal 2016 and disclosed that “first quarter results [were] below . . . expectations, with lower sales and earnings reflecting the continuation of a cautious enterprise spending environment.” Also on May 10, 2016, Zebra filed a Quarterly Report with the SEC which confirmed that the Company had identified defects in its internal controls – in 2015 – that had impaired Zebra’s ability to accurately forecast income and taxes.
On this news, shares of Zebra’s common stock declined $11.12 per share, or over 17.7%, to close on May 10, 2016 at $51.46 per share, on heavy trading volume.
If you are a member of the class described above, you may no later than September 25, 2017, 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 toll free at 1-888-299-7706 or 1-610-667-7706, or via e-mail at info@ktmc.com.
CONTACT:
Kessler Topaz Meltzer & Check, LLP
James Maro, Esq. or Adrienne Bell, Esq.
280 King of Prussia Road
Radnor, PA 19087 1-888-299-7706 (toll free) or 1-610-667-7706
Or by e-mail at info@ktmc.com