Logitech International SA (USA) Hit By Investor Lawsuit Alleging Violations Of Securities Laws
An investor in NASDAQ: LOG shares filed a lawsuit in the United States District Court for the Southern District of New York against Logitech International SA over alleged violations of Federal Securities Laws.
According to the complaint the plaintiff alleges that Logitech International SA (USA) and certain of its officers and directors violated the Securities Exchange Act of 1934 by failing to disclose between October 28, 2010 and April 1, 2011 material adverse facts about its true financial condition, business and prospects.
Logitech International SA (USA) reported over the past four 12months filing periods relatively consistent 12months Total Revenue ranging from $1.966billion to $2.379billion. Logitech International SA (USA) was able to increase its 12months Total Revenue from $1.966billion reported on March 31, 2010 to $2.362billion reported on March 31, 2011.
On the other hand its Net Income over the past four 12months filing periods fell from $231.03million to $128.46million. However Logitech International SA (USA) was able to increase its Net Income from $64.96million reported on March 31, 2010 to $128.46million reported on March 31, 2011.
Shares of Logitech International SA (USA) fell from as high as $37.07 in 2007, respectively as high as $32.93 in 2008 to $8.01 per share during March 2009. Since then LOGI shares increased to over $20 until the end of 2010.
On March 31, 2011, after the close of the market, Logitech International SA issued a press release announcing that it had “lowered its full-year outlook for Fiscal Year 2011, ending March 31, 2011. The company now expects FY 2011 sales in the range of $2.35 to $2.37 billion, down from the previous range of $2.4 to $2.42 billion. FY 2011 operating income is now expected to be in the range of $140 to $150 million, down from the previous range of $170 to $180 million.”
Shares of Logitech International SA (USA) fell from almost $20 per share during March 2011 to under $13 in May.