Bernstein Liebhard LLP Announces Investigation Into JDA Software Group Inc.
April 11, 2012
Bernstein Liebbard LLP today announced an investigation into possible securities law violations involving JDA Software Group Inc. (“JDA” or the “Company’) (NASDAQ: JDAS).
After the close of trading on January 31, 2012, JDA, a software company providing software solutions for retail customers, issued a press release containing its 2011 fourth quarter and year-end results. In that release, JDA revealed that it had “received notice from the U.S. Securities and Exchange Commission requesting information related to revenue recognition and other accounting and financial reporting matters for certain past fiscal years.”
Thereafter, in a March 15, 2012 press release, JDA announced that it would delay the filing of its 2011 Form 10-K, and disclosed that the Company was continuing to complete information requests received from the staff of the SEC’s Divisions of Enforcement and Corporation Finance.
Finally, on April 10, 2012, the Company stated that, in the wake of an investigation by the Company’s Audit Committee, JDA would restate its annual and quarterly results for fiscal years 2008 through 2011 and that its financial statements during this period should no longer be relied upon. The Company also announced that it would be unable to timely file its quarterly report for the period ending March 31, 2012. Shortly before this announcement, trading in JDA was halted.
Bernstein Liebhard has pursued hundreds of securities, consumer and shareholder rights cases and recovered over $3 billion for its clients. It has been named to The National Law Journal’s “Plaintiffs’ Hot List” in each of the last nine years.