CASES
Logitech International S.A.
Class Period: Oct 28, 2010 to Apr 1, 2011
Lead Plaintiff Deadline: Jul 22, 2011 + Deadline passed
Summary of Case:
A securities class action has been filed against Logitech International S.A. ("Logitech" or the "Company") on behalf of purchasers of common stock of Logitech from October 28, 2010 to April 01, 2011. This case has been filed in the USDC - New York (Southern).
The Complaint alleges as follows: Throughout the Class Period, defendants failed to disclose material adverse facts about the Company's true financial condition, business and prospects. Specifically, the complaint alleges: (a) that the Company's distributors were overstocked with inventory of certain product lines; (b) that the Company's pricing and promotional activity was not operating according to plan; (c) that demand for the Company's products in the Europe, Middle East and Africa markets was significantly declining far below internal expectations; and (d) as a result of the foregoing, defendants' positive statements about the Company were lacking in a reasonable basis of fact and were materially false and misleading when made.
On March 31, 2011, after the close of the market, Logitech issued a press release announcing that it had "lowered its full-year outlook for Fiscal Year 2011, ending March 31, 2011. The company now expects FY 2011 sales in the range of $2.35 to $2.37 billion, down from the previous range of $2.4 to $2.42 billion. FY 2011 operating income is now expected to be in the range of $140 to $150 million, down from the previous range of $170 to $180 million." In response to this announcement, on April 1, 2011, the price of Logitech stock declined from $18.13 per share to $14.71 per share, or 19%, on extremely heavy trading volume.
If you purchased this company's shares during the Class Period and suffered a loss or for further information about the case, please review the links below.