Robbins Arroyo LLP: PCM, Inc. (PCMI) Misled Shareholders According to a Recently Filed Class Action
Robbins Arroyo LLP announces that a class action complaint was filed against PCM, Inc. (NasdaqGM: PCMI) in the U.S. District Court for the Central District of California. The complaint is brought on behalf of all purchasers of PCM securities between June 17, 2015 and May 2, 2017, for alleged violations of the Securities Exchange Act of 1934 by PCM’s officers and directors. PCM, through its subsidiaries, operates as a multi-vendor provider of technology products and solutions primarily in the United States and Canada.
PCM Accused of Acquiring Financially Troubled Company
According to the complaint, on April 1, 2015, PCM announced it had completed the acquisition of En Pointe Technologies Sales, Inc. (“En Pointe”). On June 17, 2015, PCM filed a Form 8-K with the U.S. Securities and Exchange Commission (“SEC”) attaching En Pointe’s audited financial statements. The complaint alleges that PCM failed to disclose that these financial statements materially overstated the profitability of the business. On May 2, 2017, SeekingAlpha published an article discussing a lawsuit between Collab9, En Pointe’s previous owner, and PCM surrounding PCM’s acquisition of En Pointe. The article noted that PCM claimed that Collab9 overstated En Pointe’s profitability in its audited financials. On this news, PCM’s stock fell $2.05 per share, or over 8.4%, to close at $22.30 per share on May 2, 2017.
PCM Shareholders Have Legal Options
Concerned shareholders who would like more information about their rights and potential remedies can contact attorney Leonid Kandinov at (800) 350-6003, or you can complete the form below and we will contact you directly.