magicJack VocalTec Ltd (NASDAQ: CALL) Investor Securities Class Action Lawsuit 03/11/2016

You must submit the settlement "Proof" form attached below, in order to participate in this settlement. There is a strict deadline of January 17, 2018 by which all claims must be submitted. The instructions for submitting are included in the "Proof" and the "Notice" files attached below for your download. DO NOT SEND THE FORMS TO THE SHAREHOLDERS FOUNDATION, FOLLOW THE DIRECTIONS IN THE "PROOF".

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Company Name(s): 
magicJack
Case Name: 
magicJack Shareholder Class Action Lawsuit 03/11/2016
Case Status: 
Lawsuit Filed
Case Status: 
Settlement Proposed
Affected Securities
NASDAQ: CALL
Lawsuit Overview
Type of Lawsuit: 
Shareholder Class Action
Date Filed: 
03/11/2016
Class Period Begin: 
11/12/2013
Class Period End: 
03/12/2014
Court of Filing: 
U.S. District Court for the Southern District of New York
Date Settled: 
09/29/2017
Settlement Amount: 
$3,650,000
Deadline to Participate in Settlement: 
01/17/2018
Summary: 

The settlement includes all persons or entities who SOLD or otherwise divested magicJack VocalTec Ltd (NASDAQ: CALL) securities between November 12, 2013 and March 12, 2014.

September 29, 2017 - The court preliminarily approved the settlement.

September 28, 2017 - Parties filed a stipulation of settlement.

August 19, 2016 - The lead plaintiff filed an amended complaint.

July 12, 2016 - Lead plaintiff and lead counsel were appointed.

May 13, 2016 - Lead plaintiff motions were filed.

March 11, 2016 - An investor, who SOLD shares of magicJack VocalTec Ltd (NASDAQ: CALL), filed a lawsuit over alleged violations of Federal Securities Laws by magicJack VocalTec Ltd in connection with certain allegedly false and misleading statements made between November 12, 2013 and March 12, 2014.

According to the complaint the plaintiff alleges on behalf of Sellers of magicJack VocalTec Ltd (NASDAQ: CALL) common shares between November 12, 2013 and March 12, 2014, that the defendants violated Federal Securities Laws.

More specifically, the plaintiff claims that between November 12, 2013 and March 12, 2014 magicJack VocalTec Ltd misrepresented the Company’s expected financial performance in a scheme to artificially deflate the price of magicJack VocalTec Ltd’s securities. The plaintiff claims that due to the misrepresentations made by defendants, investors sold or otherwise divested between November 12, 2013 and March 12, 2014 magicJack VocalTec Ltd’s common stock at artificially deflated prices, thus incurring losses and when the Company’s alleged misrepresentations and fraudulent conduct became apparent, the price of magicJack VocalTec Ltd’s shares dramatically increased, as the artificial depression was removed from the share price.

magicJack VocalTec Ltd reported that its annual Total Revenue declined from $143.49 million in 2013 to $116.32 million in 2014 and that its Net Income declined from $70.31 million in 2013 to $3.79 million in 2014. Shares of magicJack VocalTec Ltd (NASDAQ: CALL) declined from $11.78 per share in November 2015 to as low as $6.88 per share on February 9, 2016.