Quiksilver Inc (NYSE: ZQK) Investor Securities Class Action Lawsuit 04/02/2015

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Company Name(s): 
Quiksilver
Case Name: 
Quiksilver Shareholder Class Action Lawsuit 04/02/2015
Case Status: 
Lawsuit Filed
Case Status: 
Settlement Proposed
Affected Securities
NYSE: ZQK
Lawsuit Overview
Type of Lawsuit: 
Shareholder Class Action
Date Filed: 
04/02/2015
Class Period Begin: 
06/06/2014
Class Period End: 
03/26/2015
Court of Filing: 
U.S. District Court for the Central District of California
Deadline To File for Lead: 
06/01/2015
Date Settled: 
01/03/2017
Settlement Amount: 
$1,500,000
Deadline to Participate in Settlement: 
05/10/2017
Settlement Notice: 
Settlement Proof: 
Summary: 

January 3, 2017 - The court preliminarily approved the settlement.

November 21, 2016 - Parties filed a stipulation of settlement.

June 7, 2016 - The lead plaintiff filed a notice of voluntary dismissal with prejudice.

August 25, 2015 - The lead plaintiff filed an amended consolidated complaint.

June 26, 2015 - Lead plaintiff and lead counsel were appointed and all cases were consolidated.

June 1, 2015 - Lead plaintiff motions were filed.

April 2, 2015 - An investor in shares of Quiksilver Inc (NYSE: ZQK) filed a lawsuit in the U.S. District Court for the Central District of California against Quiksilver Inc over alleged violations of Federal Securities Laws in connection with certain allegedly false and misleading statements made between June 6, 2014 and March 26, 2015.

According to the complaint the plaintiff alleges on behalf of purchasers of Quiksilver Inc (NYSE: ZQK) common shares between June 6, 2014 and March 26, 2015, that the defendants violated Federal Securities Laws. More specifically, the plaintiff claims that Quiksilver Inc made allegedly false and/or misleading statements and/or failed to disclose that Quiksilver Inc lacked adequate internal controls over financial reporting and that as a result of the foregoing, Quiksilver Inc’s financial statements were materially false and misleading at all relevant times.

Quiksilver Inc reported that its Total Revenue declined from over $1.94 billion for the 12 months period that ended on October 31, 2012 to over $1.57 billion for the 12 months period that ended on October 31, 2014 and that its respective Net Loss increased from $10.76 million to $309.38 million.

On March 4, 2015, Quiksilver Inc (NYSE: ZQK) announced that it has postponed the distribution of its 2015 first quarter earnings release, as well as the related conference call and webcast previously scheduled to take place on March 5th, as a result of a revenue cut-off issue identified by management and brought to the attention of the Audit Committee. Quiksilver Inc said the Audit Committee promptly commenced an investigation last week and has not yet reached any conclusions.

On March 26, 2015, Quiksilver Inc filed an amended Form 10-K for the fiscal year ended October 31, 2014 with the Securities and Exchange Commission (“SEC”).

On March 27, 2015 Quiksilver Inc announced that Pierre Agnes, President of Quiksilver Inc, has been promoted to Chief Executive Officer and added to the Board of Directors; he succeeds Andy Mooney who is no longer with the company. Quiksilver Inc also said that Greg Healy, Quiksilver Inc’s APAC Region President, has been promoted to President of Quiksilver Inc, and Bob McKnight has been appointed Chairman.

Shares of Quiksilver Inc (NYSE: ZQK) closed on April 2, 2015 at $1.82 per share.