NEW YORK, July 2, 2013 /PRNewswire/ -- Attorney Advertising -- Bronstein, Gewirtz & Grossman, LLC announces that a securities class action has been filed in the United States District Court for the Southern District of New York on behalf of those who purchased shares of IEC Electronics Corp., Inc. ("IEC or the Company) (NYSE: IEC), during the period between February 8, 2012 and May 21, 2013, inclusive (the "Class Period").
The Complaint charges IEC and certain of its executives with violation of federal securities law. The Complaint alleges that during the Class Period the Company issued false and/or misleading statements and/or failed to disclose that: (a) the Company was improperly accounting for work-in-process inventory for one of its subsidiaries; (b) as a result, the Company's gross profit was overstated during the Class Period; (c) as such, the Company's financial results were not prepared in accordance with Generally Accepted Accounting Principles ("GAAP"); (d) the Company lacked adequate internal and financial controls; and (e) as a result of the foregoing, the Company's financial statements were materially false and misleading at all relevant times.
On May 2, 2013 shares of the IEC fell $.50 or nearly 9% to close at $5.20 after the Company announced that its consolidated financial statements for the fiscal year ended September 30, 2012, the quarterly periods during fiscal 2012, and the quarter ended December 28, 2012 are being restated due to an accounting error related to inventory at one of the Company's subsidiaries.
No Class has yet been certified in the above action. If you wish to review a copy of the Complaint, to discuss this action, or have any questions, please contact Peretz Bronstein, Esq. or his Investor Relations Coordinator Eitan Kimelman of Bronstein, Gewirtz & Grossman, LLC at 212-697-6484 or via email info@bgandg.com. Those who inquire by e-mail are encouraged to include their mailing address and telephone number. August 27, 2013 is the deadline for investors to seek a lead plaintiff appointment. Your ability to share in any recovery doesn't require that you serve as a lead plaintiff.
Bronstein, Gewirtz & Grossman, LLC is a corporate litigation boutique. Our primary expertise is the aggressive pursuit of litigation claims on behalf of our clients. In addition to representing institutions and other investor plaintiffs in class action security litigation, the firm's expertise includes general corporate and commercial litigation, as well as securities arbitration. Attorney advertising. Prior results do not guarantee similar outcomes.
Contact:
Bronstein, Gewirtz & Grossman, LLC
Peretz Bronstein or Eitan Kimelman 212-697-6484
info@bgandg.com
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