Scott+Scott, Attorneys at Law, LLP Alerts Investors to the Filing of Securities Class Actions Against Quantum Corporation (QTM)

By , in PR PR California on .

NEW YORK, Feb. 15, 2018 – Scott+Scott, Attorneys at Law, LLP (“Scott+Scott”), a national securities and consumer rights litigation firm, is notifying investors that class action lawsuits have been filed against Quantum Corporation (NYSE: QTM) (“Quantum” or the “Company”) and other defendants, related to alleged violations of federal securities laws.  If you purchased Quantum securities between May 10, 2016 and February 7, 2018, you are encouraged to contact a Scott+Scott attorney at (844) 818-6980 for additional information.

Quantum sells storage, archive, and data protection solutions for capturing, sharing, and preserving digital assets in physical and virtual environments.

The lawsuit claims that defendants misrepresented the Company's financial results.  Specifically, the complaint alleges that Defendants made false and/or misleading statements and/or failed to disclose that: (i) Quantum had inappropriately recognized certain revenues going back to at least April 1, 2016; (ii) the Company lacked adequate internal controls over financial reporting; and (iii) that as a result the Company was subject to increased regulatory scrutiny and potential fines; and (iv) as a result of the foregoing, Defendants' statements about Quantum' business, operations, and prospects, were materially false and/or misleading and/or lacked a reasonable basis.

On February 8, 2018, Quantum disclosed that in January of 2018, the Company received a subpoena from the Securities and Exchange Commission related to revenue recognition for certain transactions, prompting an internal investigation by Quantum, which remains ongoing. As a result, the Company announced that it “is postponing release of its fiscal third quarter 2018 results and its earnings conference call.”

On this news, Quantum's stock price fell $1.67 per share, or nearly 30%, to close at $3.90 per share on February 8, 2018.

What You Can Do

If you purchased Quantum securities between May 10, 2016 and February 7, 2018, inclusive, or if you have questions about this notice or your legal rights, please contact attorney Rhiana Swartz at (844) 818-6980, or at [email protected].  Investors have until April 16, 2018, to move for lead plaintiff.

About Scott+Scott, Attorneys at Law, LLP

Scott+Scott has significant experience in prosecuting major securities, antitrust, and employee retirement plan actions throughout the United States.  The firm represents pension funds, foundations, individuals, and other entities worldwide with offices in New York, London, Connecticut, California, and Ohio.

CONTACT:

Rhiana Swartz
Scott+Scott, Attorneys at Law, LLP 
(844) 818-6980
[email protected]

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SOURCE Scott+Scott, Attorneys at Law, LLP

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Brad Bennett

Brad Bennett

Brad grew up in a small town in northern Iowa. He studied chemistry in college, graduated, and married his wife one month later. They were then blessed with two baby boys within the first four years of marriage. Having babies gave their family a desire to return to the old paths – to nourish their family with traditional, homegrown foods; rid their home of toxic chemicals and petroleum products; and give their boys a chance to know a simple, sustainable way of life. They are currently building a homestead from scratch on two little acres in central Texas. There’s a lot to be done to become somewhat self-sufficient, but they are debt-free and get to spend their days living this simple, good life together with their five young children.
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