Bernstein Liebhard LLP Announces Filing of a Class Action Against Logitech International SA
June 2, 2011
Bernstein Liebhard LLP today announced that a lawsuit has been filed in the United States District Court for the Southern District of New York on behalf of a class (the “Class”) of investors who purchased Logitech International SA (“Logitech” or the “Company”) (NASDAQ: LOGI) common stock between the period of October 28, 2010 to April 1, 2011 (the “Class Period”). Plaintiffs allege violations of the Securities and Exchange Act of 1934 against Logitech and certain individual defendants.
Logitech engages in the development and marketing of products in PC navigation, Internet communications, digital music, home-entertainment control, gaming, and wireless devices.
The complaint alleges that, 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, onApril 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.
Plaintiffs seek to recover damages on behalf of all Class members who purchased or otherwise acquired shares of Logitech during the Class Period. If you purchased or otherwise acquired Logitech shares during the Class Period, and either lost money on the transaction or still hold the shares, you may wish to join in this action to serve as lead plaintiff. In order to do so, you must meet certain requirements set forth in the applicable law and file appropriate papers no later than July 22, 2011.
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 Bernstein Liebhard LLP, or other counsel of your choice, to serve as your counsel in this action.
If you are interested in discussing your rights as a Logitech shareholder and/or have information relating to the matter, please contact Joseph R. Seidman, Jr. at (877) 779-1414 or firstname.lastname@example.org. You can obtain a copy of the complaint from the clerk of the court for the United States District Court for the Southern District of New York.
Bernstein Liebhard has pursued hundreds of securities, consumer and shareholder rights cases and recovered almost $3 billion for its clients. It has been named to The National Law Journal’s “Plaintiffs’ Hot List” in each of the last eight years.