Bernstein Liebhard LLP Announces That A Suit Has Been Filed Against Checkpoint Systems, Inc. After A Restatement Tripled The Company’s 1Q15 Loss Per Share
November 12, 2015
Bernstein Liebhard LLP today announced that a securities class action has been filed in the United States District Court for the District of New Jersey on behalf of a class (the “Class”) consisting of all persons or entities who purchased the securities of Checkpoint Systems, Inc. (“Checkpoint” or the “Company”) (NYSE: CKP) between March 5, 2015 and November 3, 2015 (the “Class Period”). The complaint charges Checkpoint and certain of its officers with violations of the Securities Exchange Act of 1934.
Checkpoint is a global manufacturer and provider of technology-driven loss prevention, inventory management and labeling solutions to the retail and apparel industries. The lawsuit alleges, among other things, that Defendants issued false financial information during the Class Period. On November 3, 2015, Checkpoint announced in an 8-K filing with the Securities and Exchange Commission that it intended to restate certain financial statements for the first two quarters of 2015 due to errors relating to the Company’s quarterly income tax provision. On this news, Checkpoint stock plummeted over 20%.
The next day, the Company issued the restated financial figures, including restated loss figures that were markedly below those reported during the Class Period. Checkpoint disclosed that the Company’s 1Q15 restated basic loss per share had tripled from $.02 to $.06, and that the same figure for the first six months of 2015 doubled from $.14 to $.28.
Plaintiffs seek to recover damages on behalf of all Class members who invested in Checkpoint securities during the Class Period. If you invested in Checkpoint securities as described above, and lost money on the transactions, 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 January 11, 2016.
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 Checkpoint investor 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 $3.5 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.
You can obtain a copy of the complaint from the clerk of the court for the United States District Court for the District of New Jersey.