STEVENSON, Md., June 20, 2012 (GLOBE NEWSWIRE) -- Brower Piven, A Professional Corporation announces that a class action lawsuit has been commenced in the United States District Court for the District of Massachusetts against ModusLink Global Solutions, Inc. ("ModusLink" or the "Company") (Nasdaq:MLNK) on behalf of investors who purchased or otherwise acquired the common stock of the Company during the period from September 26, 2007 and June 8, 2012, inclusive (the "Class Period").
If you have suffered a net loss for all transactions in ModusLink Global Solutions, Inc. common stock during the Class Period, you may obtain additional information about this lawsuit and your ability to become a lead plaintiff by contacting Brower Piven at www.browerpiven.com, by email at firstname.lastname@example.org, by calling 410/415-6616, or at Brower Piven, A Professional Corporation, 1925 Old Valley Road, Stevenson, Maryland 21153. Attorneys at Brower Piven have combined experience litigating securities and class action cases of over 60 years.
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 no later than August 11, 2012 and be selected by the Court. The lead plaintiff will direct the litigation and participate in important decisions including whether to accept a settlement and how much of a settlement to accept for the Class in the action. The lead plaintiff will be selected from among applicants claiming the largest loss from investment in the Company during the Class Period. You are not required to have sold your shares to seek damages or to serve as a Lead Plaintiff.
The complaint accuses the defendants of violations of the Securities Exchange Act of 1934 by virtue of the Company's failure to disclose during the Class Period that the Company's accounting for rebates associated with volume discounts provided by vendors was improper and misleading and that the Company's financial statements during the Class Period did not provide a fair presentation of the Company's finances and operations. According to the complaint, after, on June 11, 2012, the Company announced that an internal investigation of the audit committee of the Company's board of directors determined that "certain client contracts have not been aligned consistently with ModusLink's practice of retaining volume discounts" identified instances where "vendor costs incurred were marked-up to clients in a manner not consistent with client contracts" the value of ModusLink shares declined significantly.
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.
CONTACT: Charles J. Piven Brower Piven, A Professional Corporation Stevenson, Maryland 410/415-6616 email@example.com
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