PTC Inc (NASDAQ: PTC) Investor Securities Class Action Lawsuit 03/07/2016

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Company Name(s): 
PTC
Case Name: 
PTC Shareholder Class Action Lawsuit 03/07/2016
Case Status: 
Lawsuit Filed
Case Status: 
Settlement Proposed
Affected Securities
NASDAQ:PTC
Lawsuit Overview
Type of Lawsuit: 
Shareholder Class Action
Date Filed: 
03/07/2016
Class Period Begin: 
11/24/2011
Class Period End: 
07/29/2015
Court of Filing: 
U.S. District Court for the District of Massachusetts
Deadline To File for Lead: 
05/06/2016
Date Settled: 
03/23/2017
Settlement Amount: 
$2,100,000
Deadline to Participate in Settlement: 
05/30/2017
Settlement Notice: 
Settlement Proof: 
Summary: 

March 23, 2017 - The court preliminarily approved the settlement.

March 1, 2017 - Parties filed an amended stipulation of settlement.

January 13, 2017 - Parties filed a stipulation of settlement.

August 30, 2016 - Defendants filed a motion to dismiss.

July 11, 2016 - The lead plaintiff filed an amended complaint.

March 7, 2016 - An investor in shares of PTC Inc (NASDAQ: PTC) filed a lawsuit in the U.S. District Court for the District of Massachusetts over alleged violations of Federal Securities Laws by PTC Inc in connection with certain allegedly false and misleading statements made between November 24, 2011 and July 29, 2015.

According to the complaint the plaintiff alleges on behalf of purchasers of PTC Inc (NASDAQ: PTC) common shares between November 24, 2011 and July 29, 2015, that the defendants violated Federal Securities Laws. More specifically, the plaintiff claims that between November 24, 2011 and July 29, 2015 the defendants issued false and misleading statements to investors and/or failed to disclose that PTC Inc did not disclose to the SEC and the DOJ the full results of its investigation into whether PTC China improperly provided recreational travel to Chinese government officials in violation of the FCPA, that PTC Inc was not cooperating with the SEC and the DOJ in connection with their investigations into whether PTC China improperly provided recreational travel to Chinese government officials in violation of the FCPA, that PTC Inc’s books and records were inaccurate and PTC Inc failed to maintain adequate internal accounting controls, and that as a result, PTC Inc’s public statements were materially false and misleading at all relevant times.

On February 16, 2016, PTC Inc announced agreements with the U.S. Securities and Exchange Commission (“SEC”) and the Department of Justice (“DOJ”) that resolve a previously disclosed FCPA investigation pertaining to expenditures by certain former employees and business partners in China between 2006 and 2011. PTC Inc said that in connection with the agreements, PTC Inc and its China subsidiaries will pay $28.2 million in penalties and interest to these agencies. Shares of PTC Inc (NASDAQ: PTC) declined from $42.25 per share in June 2015 to as low as $27.06 per share on February 8, 2016.

On March 7, 2016, NASDAQ: PTC shares closed at $31.88 per share.