April 7, 2015
Bernstein Liebhard LLP is investigating whether Polycom, Inc. (“Polycom” or the “Company”) (NASDAQ: PLCM) issued materially false and misleading statements to investors in violation of the federal securities laws.
Polycom is a company engaged in HD video conferencing and voice conferencing.
The Securities and Exchange Commission (“SEC”) recently charged Polycom CEO Andrew Miller with using nearly $200,000 in corporate funds for personal perks that were not disclosed to investors, including travel to luxury resorts with his girlfriend. Specifically, the SEC alleges that Miller engaged in a long-running scheme to surreptitiously use Polycom funds to pay for his personal expenses, including lavish meals, foreign and domestic travel, clothing, gifts and entertainment for himself, and his relatives and friends. The SEC also alleges that from approximately 2010 until his resignation as CEO on July 19, 2013, Miller falsified, and caused others to falsify, business records in order to hide his scheme, and thus evaded the requirement that he and Polycom tell investors about such perks. The SEC also alleges that Polycom repeatedly made misleading public statements to investors concerning such perquisites.
On July 23, 2013, Polycom announced that Miller had resigned and that the Company had found irregularities in Miller’s expense submissions, for which Miller had accepted responsibility. Polycom stock fell approximately 15% after this adverse news.
On March 31, 2015, the SEC announced that it had charged Miller with the wrongdoing discussed above. If you invested in Polycom and lost money, are interested in discussing your rights, and/or have information relating to the matter, please contact Joseph R. Seidman, Jr. at (877) 779-1414 or firstname.lastname@example.org.
Bernstein Liebhard LLP has pursued hundreds of securities, consumer and shareholder rights cases and recovered over $3 billion for its clients. The National Law Journal has recognized Bernstein Liebhard for twelve consecutive years as one of the top plaintiffs’ firms in the country.