STEVENSON, Md. -- (Business Wire)
The securities litigation law firm of Brower Piven, A Professional
Corporation, announces that a class action lawsuit has been commenced in
the United States District Court for the Southern District of New York
on behalf of purchasers of International Business Machines Corporation
(“IBM” or the “Company”) (NYSE: IBM) common stock during the period
between April 17, 2014 and October 17, 2014, inclusive (the “Class
Period”). Investors who wish to become proactively involved in the
litigation have until May 1, 2015 to seek appointment as lead plaintiff.
If you have suffered a loss from investment in IBM common stock
purchased on or after April 17, 2014 and held through the revelation of
negative information during and/or at the end of the Class Period, as
described below, and would like to learn more about this lawsuit and
your ability to participate as a lead plaintiff, without cost or
obligation to you, please visit our website at http://www.browerpiven.com/currentsecuritiescases.html.
You may also request more information by contacting Brower Piven either
by email at hoffman@browerpiven.com
or by telephone at (410) 415-6616. No class has yet been certified in
the above action. Members of the Class will be represented by the lead
plaintiff and counsel chosen by the lead plaintiff.
If you wish to choose counsel to represent you and the Class, you must
apply to be appointed lead plaintiff and be selected by the Court. The
lead plaintiff will direct the litigation and participate in important
decisions including whether to accept a settlement for the Class in the
action. The lead plaintiff will be selected from among applicants
claiming the largest loss from investment in Company common stock during
the Class Period. Brower Pivenalso encourages anyone with
information regarding the Company’s conduct during the period in
question to contact the firm, including whistleblowers, former
employees, shareholders and others.
The complaint accuses the defendants of violations of the Securities
Exchange Act of 1934 by virtue of the defendants’ failure to disclose
during the Class Period that the Company failed to record an impairment
in the value of the Company’s Microelectronics business in conformity
with applicable accounting standards, which materially inflated IBM’s
earnings during the Class Period and rendered the Company’s 2014
earnings guidance materially false and misleading. According to the
complaint, following the Company’s October 20, 2014 announcements,
including that Globalfoundries had agreed to “acquire” the Company’s
Microelectronics business, including intellectual property rights, for a
payment of $1.5 billion from IBM to Globalfoundries, that the Company
would be taking a $4.7 billion charge to earnings on the
Microelectronics which included an impairment to reflect fair value less
estimated costs to sell the Microelectronics business and other
estimated costs related to the transaction, and that the Company was
revising its earlier guidance for operating earnings and that 2014 would
decline compared to 2013, the value of IBM shares declined significantly.
Attorneys at Brower Piven have extensive experience in litigating
securities and other class action cases and have been advocating for the
rights of shareholders since the 1980s. If you choose to retain counsel,
you may retain Brower Piven without financial obligation or cost to you,
or you may retain other counsel of your choice. You need take no action
at this time to be a member of the class.
Contacts:
Brower Piven, A Professional Corporation
Charles J. Piven,
410-415-6616
1925 Old Valley Road
Stevenson, Maryland 21153
hoffman@browerpiven.com
Source: Brower Piven, A Professional Corporation
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