San Diego, CA -- (ReleaseWire) -- 02/26/2013 -- A ModusLink Global Solutions investor filed a lawsuit against directors of ModusLink Global Solutions over alleged breaches of fiduciary duties.
Investors who are current long-term stockholders in shares of ModusLink Global Solutions, Inc. (NASDAQ:MLNK) have certain options and should contact the Shareholders Foundation at mail(at)shareholdersfoundation.com or call +1(858) 779 - 1554.
The plaintiff alleges that the defendants breached their fiduciary duties owed to NASDAQ:MLNK stockholders in connection with certain financial statements.
In June 2012 ModusLink Global Solutions, Inc. announced that it will delay the filing of the third quarter FY 2012 results and that it expects to restate its financial results from FY 2007 through first two quarters of the FY 2012. Furthermore, ModusLink Global Solutions, Inc. said that its President and CEO retired effective immediately upon the appointment of a new chief executive officer and its president, global operations for ModusLink left the company effective immediately.
In October 2012 and December 2012, ModusLink Global Solutions, Inc. provided updates on the restatement process.
On Jan. 11, 2013, ModusLink Global Solutions, Inc. announced that it filed with the Securities and Exchange Commission (SEC) an annual report on Form 10-K for the fiscal year ended July 31, 2012, which includes a restatement of the Company's financial statements for fiscal years 2009 through 2011 and unaudited selected financial data for fiscal years 2007 and 2008, as well as unaudited interim financial statements for the four fiscal quarters of each of 2010 and 2011, and the first two quarters of fiscal 2012.
NASDAQ:MLNK shares declined from slightly over $7 in March 2011 to as low as $2.19 per share in late January 2013.
On Feb. 25, 2013, NASDAQ:MLNK shares closed at $2.96 per share, which is less than half its current 52 week high.
Those who are current long-term investors in shares of ModusLink Global Solutions, Inc. (NASDAQ:MLNK) have certain options and you should contact the Shareholders Foundation.
Shareholders Foundation, Inc.
3111 Camino Del Rio North - Suite 423
92108 San Diego