LOS ANGELES -- (Business Wire)
Glancy
Prongay & Murray LLP (“GPM”) reminds investors of the upcoming May
31, 2016 deadline to file a lead plaintiff motion in the class
action filed by GPM on behalf of a class (the “Class”) of investors who
purchased DS Healthcare Group, Inc. (“DS Healthcare” or the “Company”)
(NASDAQ: DSKX)
securities between May 15, 2014 and March 28, 2016, inclusive
(the “Class Period”).
DS Healthcare and its subsidiaries purportedly develop proprietary
technologies and products for hair care and personal care needs.
The complaint alleges that throughout the Class Period, Defendants made
false and/or misleading statements, as well as failed to disclose
material adverse facts about the Company’s business, operations, and
prospects, including issues with the Company’s internal controls and
accounting practices. According to the complaint, the Company improperly
recognized and reported revenue; did not properly record and did not
properly disclose certain equity transactions in violation of GAAP; and,
lacked adequate internal controls over accounting and financial
reporting.
On March 23, 2016, the Company disclosed that Company President and
Chairman of the Board, Daniel Khesin, was terminated “for cause,”
because “there is sufficient evidence to conclude that Mr. Khesin
violated his fiduciary duty to the Company and its subsidiaries.” The
Company further disclosed that its prior financial statements should no
longer be relied upon due to errors in revenue recognition and certain
Company equity transactions. Upon this news, the Company shares declined
sharply in value, thereby injuring investors; and to date trading in
the Company’s shares have been halted.
If you purchased DS Healthcare shares, you may move the Court no later
than May 31, 2016 to request appointment as lead plaintiff.
To be a member of the class you need not take any action at this time;
you may retain counsel of your choice or take no action and remain an
absent member of the Class.
If you wish to learn more about this action, or if you have any
questions concerning this announcement or your rights or interests with
respect to these matters, please contact Lesley Portnoy, Esquire, of
GPM, 1925 Century Park East, Suite 2100, Los Angeles, California 90067
at 310-201-9150, Toll-Free at 888-773-9224, by email to shareholders@glancylaw.com,
or visit our website at http://www.glancylaw.com.
If you inquire by email please include your mailing address, telephone
number and number of shares purchased.
This press release may be considered Attorney Advertising in some
jurisdictions under the applicable law and ethical rules.
View source version on businesswire.com: http://www.businesswire.com/news/home/20160526006525/en/
Contacts:
Glancy Prongay & Murray LLP, Los Angeles
Lesley Portnoy,
310-201-9150 or 888-773-9224
shareholders@glancylaw.com
www.glancylaw.com
Source: Glancy Prongay & Murray LLP
© 2024 Canjex Publishing Ltd. All rights reserved.