NEW YORK, May 29, 2018 /PRNewswire/ — Kaplan Fox & Kilsheimer LLP (www.kaplanfox.com) is investigating claims on behalf of investors of Kulicke and Soffa Industries, Inc. (“Kulicke and Soffa” or the “Company”) (NASDAQ: KLIC), a company that designs, manufactures, and sells capital equipment and expendable tools to assemble semiconductor devices.
A class action complaint has been filed in the United States District Court for the Central District of California against Kulicke and Soffa and certain executive officers of the Company on behalf of investors that acquired Kulicke and Soffa securities between November 16, 2017 and May 10, 2018, inclusive (the “Class”) alleging violations of the Securities Exchange Act of 1934.
On May 10, 2018, after the market closed, the Company disclosed that it had “learned of certain unauthorized transactions by a senior finance employee of the Company” and would not file its Quarterly Report on Form 10-Q with the U.S. Securities and Exchange Commission (SEC) in a timely manner. Further, the Company stated that it had undertaken an investigation of these transactions with the assistance of outside advisors and “discovered that certain warranty accruals in prior periods had been accounted for incorrectly and therefore misstated.”
Following this news, the Company’s shares fell $1.80 per share, about 7.5%, to close at $21.99 per share.
The complaint alleges that throughout the Class Period the Company and other defendants issued materially false and/or misleading statements and/or failed to disclose that (1) Kulicke and Soffa’s consolidated financial statements for the fiscal year ending September 30, 2017 could no longer be relied upon due to misstated warranty accruals, and (2) as a result, defendants’ public statements were materially false and misleading at all relevant times.
If you are a member of the proposed Class, you may move the court no later than July 10, 2018 to serve as a lead plaintiff for the purported class. You need not seek to become a lead plaintiff in order to share in any possible recovery. If you would like to discuss the complaint or our investigation, please contact us by emailing [email protected] or by calling 800-290-1952.
This press release may be considered Attorney Advertising in some jurisdictions under the applicable law and ethical rules.
Kaplan Fox & Kilsheimer LLP, with offices in New York, San Francisco, Los Angeles, Chicago and New Jersey, has many years of experience in prosecuting investor class actions. For more information about Kaplan Fox & Kilsheimer LLP, you may visit our website at www.kaplanfox.com. If you have any questions about this Notice, the action, your rights, or your interests, please contact:
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Donald R. Hall
KAPLAN FOX & KILSHEIMER LLP
850 Third Avenue, 14th Floor
New York, New York 10022
(800) 290-1952
(212) 687-1980
Fax: (212) 687-7714
E-mail: [email protected]
Laurence D. King
KAPLAN FOX & KILSHEIMER LLP
350 Sansome Street, Suite 400
San Francisco, California 94104
(415) 772-4700
Fax: (415) 772-4707
E-mail: [email protected]
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SOURCE Kaplan Fox & Kilsheimer LLP
