The Shareholders Foundation announces that an investor, who purchased shares of VOXX International Corp (NASDAQ:VOXX), filed a lawsuit in the U.S. District Court for the the Eastern District of New York over alleged violations of Federal Securities Laws by VOXX International Corp in connection with certain allegedly false and misleading statements made between May 15, 2013 and May 14, 2014
Investors who purchased shares VOXX International Corp (NASDAQ:VOXX) have certain options and for certain investors are short and strict deadlines running. Deadline: September 8, 2014. NASDAQ:VOXX investors should contact the Shareholders Foundation at mail@shareholdersfoundation.com or call +1(858) 779 – 1554.
According to the complaint the plaintiff alleges on behalf of purchasers of VOXX International Corp (NASDAQ:VOXX) common shares between May 15, 2013 and May 14, 2014, that the defendants violated Federal Securities Laws.
More specifically, the plaintiff claims that between May 15, 2013 and May 14, 2014 VOXX International Corp issued allegedly materially false and misleading statements regarding VOXX International Corp’s financial performance and future prospects and failed to disclose that VOXX International Corp was experiencing declining headphone sales in its Premium Audio segment, that VOXX International Corp was experiencing a greater than expected sales decline in its Consumer Accessories segment, that VOXX International Corp failed to timely record losses for its Hirschmann, Invision and Klipsch acquisitions, trademarks of various brands, and its Technuity business, among other things, thereby materially overstating VOXX International Corp ‘s financial condition and misstating its financial results and financial statements; and that as a result of the foregoing, Defendants lacked a reasonable basis for their positive statements about the Company’s financial performance and outlook between May 15, 2013 and May 14, 2014.
VOXX International Corp reported that its Total Revenue rose from $707.06 million for the 12 months period that ended on February 29, 2012 to $835.58 million for the 12 months period that ended on February 28, 2013, while its respective Net Income declined from $25.65 million to $22.49 million. Shares of VOXX International Corp (NASDAQ:VOXX) grew from $2.32 per share in March 2009 to as high as $16.99 per share on Jan. 7, 2014.
On January 9, 2014, VOXX International Corp held a conference call with analysts and investors.
The plaintiff says that with regard to VOXX International Corp’s outlook for fiscal 2014, Defendants lowered their sales guidance from $840 million to $825-$830 million, raised their EBITDA guidance from $62 million to $65 million, and reiterated their gross margin guidance of 28.8%.
Then on May 14, 2014, VOXX International Corp (NASDAQ:VOXX) reported its fourth quarter and full year results for its fiscal year 2014. VOXX International Corp reported that its Total Revenue declined from $835.58 million for the 12 months period that ended on Feb. 28, 2013 to $809.71 million for the 12 months period that ended on Feb. 28, 2014 and that its Net Income of $22.49 million for the 12 months period that ended on Feb. 28, 2013 declined to a Net Loss of $26.60 million for the 12 months period that ended on Feb. 28, 2014. Shares of VOXX International Corp (NASDAQ:VOXX) declined to as low as $7.51 per share on May 15, 2014.
On July 21, 2014, NASDAQ:VOXX shares closed at $9.33 per share.
Those who purchased shares of VOXX International Corp (NASDAQ:VOXX) have certain options and should contact the Shareholders Foundation.
Contact:
Shareholders Foundation, Inc.
Michael Daniels
3111 Camino Del Rio North – Suite 423
92108 San Diego
Phone: +1-(858)-779-1554
Fax: +1-(858)-605-5739
mail@shareholdersfoundation.com