PHILADELPHIA, Aug. 13, 2013 (GLOBE NEWSWIRE) -- Law Offices Bernard M. Gross, P.C. filed a class action lawsuit in the United States District Court of Massachusetts, 13cv01923, on behalf purchasers of the common stock of MICROSOFT CORPORATION (Nasdaq:MSFT) between April 18, 2013 and July 18, 2013, inclusive (the "Class Period"), seeking to pursue remedies under the Securities Exchange Act of 1934.
If you wish to serve as lead plaintiff, you must move the Court no later than October 11, 2013. If you wish to discuss this action or have any questions concerning this notice or your rights or interests, please contact plaintiff's counsel, Deborah R. Gross or Susan R. Gross at 866-561-3600 or 215-561-3600 or via email at debbie@bernardmgross.com or susang@bernardmgross.com. Any person who purchased MSFT securities during the Class Period may move the Court to serve as lead plaintiff through counsel of his choice, or may choose to do nothing and remain an absent class member.
The complaint alleges that, during the Class Period, defendants issued materially false and misleading statements regarding the Company's financial performance and its tablet computer, the Surface RT. Specifically, defendants misrepresented and failed to make public the following adverse facts: (i) that the Surface RT product was experiencing poor customer demand and lackluster sales; (ii) that the Surface RT inventory experienced a material decline in value during the quarter ended March 31, 2013; (iii) that the financial statements for the quarter ended March 31, 2013 were materially false and misleading and violated GAAP and Microsoft's publicly disclosed policy of accounting for inventories; (iv) that the Form 10-Q for its third quarter of 2013 failed to disclose then presently known trends, events or uncertainties associated with the Surface RT product that were reasonably likely to have a material effect on Microsoft's future operating results; and (v) that based on the foregoing, defendants lacked a reasonable basis for their positive statements about the Company's Surface RT product during the Class Period. On July 18, 2013, shares of Microsoft fell $4.04 or 11.4% to close at $31.40 per share after the company announced its financial results for the fiscal 2013 fourth quarter and year end, the periods ended June 30, 2013. Plaintiff seeks to recover damages on behalf of all Microsoft shareholders who purchased common stock during the Class Period described above.
Plaintiff seeks to recover damages on behalf of all persons who purchased the common stock of MICROSOFT CORPORATION (Nasdaq:MSFT) between April 18, 2013 and July 18, 2013, inclusive. The plaintiff is represented by Law Offices Bernard M. Gross P.C. The firm has expertise in prosecuting investor class actions and extensive experience in actions involving financial fraud.