WMS Industries inc.
Robbins Umeda LLP Announces an Investigation of WMS Industries Inc. for Shareholders
Robbins Umeda LLP, a shareholder rights litigation firm, has commenced an investigation into possible breaches of fiduciary duty and other violations of the law by certain officers and directors at WMS Industries Inc. (NYSE: WMS). WMS designs, manufactures, sells, and leases gaming machines and video lottery terminals. The company was founded in 1946 and is headquartered in Waukegan, Illinois.
Robbins Umeda LLP’s investigation focuses on whether the directors and officers of WMS harmed the company by making false and/or misleading statements related to WMS’s business and operations. Specifically, the investigation concerns whether the company overstated demand for its products and the financial impact of new product launches. Shares of WMS dropped 17% on April 12, 2011, after the company stated that demand for its slot machines fell during the third quarter, and as a result, its earnings will likely fall short of expectations. WMS also announced that it expects revenue growth in the fourth quarter to fall below the prior year.
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