NEW YORK, May 02, 2016 (GLOBE NEWSWIRE) -- Rosen Law Firm, a global investor rights law firm, announces the filing of a class action lawsuit on behalf of purchasers of DS Healthcare Group, Inc. securities (NASDAQ:DSKX) from May 15, 2014 through April 3, 2016, inclusive (the “Class Period”). The lawsuit seeks to recover damages for DS Healthcare Group investors under the federal securities laws.
To join the DS Healthcare Group class action, go to the website at http://www.rosenlegal.com/cases-868.html or call Phillip Kim, Esq. or Kevin Chan, Esq. toll-free at 866-767-3653 or email pkim@rosenlegal.com or kchan@rosenlegal.com for information on the class action.
NO CLASS HAS YET BEEN CERTIFIED IN THE ABOVE ACTION. UNTIL A CLASS IS CERTIFIED, YOU ARE NOT REPRESENTED BY COUNSEL UNLESS YOU RETAIN ONE. YOU MAY ALSO REMAIN AN ABSENT CLASS MEMBER AND DO NOTHING AT THIS POINT. YOU MAY RETAIN COUNSEL OF YOUR CHOICE.
According to the lawsuit, defendants throughout the Class Period made false and/or misleading statements and/or failed to disclose that: (1) there was a kickback scheme involving channel stuffing and fraudulent sales; (2) certain of DS Healthcare Group’s financial statements were false because DS Healthcare Group improperly recognized revenues from customers that did not meet revenue recognition criteria; (3) DS Healthcare Group’s unaudited financial statements for the two fiscal quarters ended June 30, 2015 and September 30, 2015 contained certain equity transactions that were not in accordance with United States Generally Accepted Accounting Principles (“GAAP”); (4) Defendant Khesin violated his fiduciary duty to the Company and its subsidiaries; and (5) as a result, Defendants’ statements about DS Healthcare Group’s business, operations and prospects were materially false and misleading and/or lacked a reasonable basis at all relevant times. When the true details entered the market, the lawsuit claims that investors suffered damages.
A class action lawsuit has already been filed. If you wish to serve as lead plaintiff, you must move the Court no later than May 31, 2016. If you wish to join the litigation, go to http://www.rosenlegal.com/cases-868.html or to discuss your rights or interests regarding this class action, please contact, Phillip Kim, Esq. or Kevin Chan, Esq. of Rosen Law Firm toll free at 866-767-3653 or via e-mail at pkim@rosenlegal.com or kchan@rosenlegal.com.
Rosen Law Firm represents investors throughout the globe, concentrating its practice in securities class actions and shareholder derivative litigation.