THQ Inc (NASDAQ: THQI) Investor Securities Class Action Lawsuit 06/15/2012

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Company Name(s): 
Case Name: 
THQ Shareholder Class Action Lawsuit 06/15/2012
Case Status: 
Lawsuit Filed
Affected Securities
Lawsuit Overview
Type of Lawsuit: 
Shareholder Class Action
Date Filed: 
Class Period Begin: 
Class Period End: 
Court of Filing: 
U.S. District Court for the Central District of California
Deadline To File for Lead: 

May 5, 2017 - Parties filed a stipulation of settlement.

February 4, 2015 - The court granted the defendants' motion to dismiss.

September 25, 2014 - The court noted that defendants had not been formally dismissed; although a notice of voluntary dismissal was logged, it was not filed, and therefore had not yet taken effect.

August 29, 2014 - The lead plaintiff filed a notice of voluntary dismissal with prejudice.

January 14, 2013 - The court received a copy of the defendants' Notice filing for Bankruptcy and the court ordered that this action be removed from the active caseload by virtue of stay, pending the completion of the bankruptcy proceedings.

January 14, 2013 - Defendants filed a motion to dismiss.

November 13, 2012 - The lead plaintiff filed an amended consolidated complaint.

September 14, 2012 - Lead plaintiff and lead counsel were appointed and all cases were consolidated.

August 14, 2012 - Lead plaintiff motions were filed.

June 15, 2012 - An investor in shares of THQ Inc (NASDAQ: THQI now trading on the OTC sheets as THQIQ) filed a lawsuit in the U.S. District Court for the Central District of California against THQ Inc over alleged Violations of Federal Securities Laws in connection with certain statements over its uDraw GameTablet.

According to the complaint the plaintiff alleges on behalf of purchasers of THQ Inc (NASDAQ: THQI) common stock during the period between May 3, 2011 and February 3, 2012, that THQ Inc and certain of its certain of its officers and directors violated the Securities Exchange Act of 1934 by issuing materially false and misleading statements regarding the Company’s business and prospects.

THQ Inc reported that its Total Revenue rose from $665.26 million for the 12 months period ending on March 31, 2011 to $830.84 million for the 12 months period ending on March 31, 2012. However, its Net Loss over the same time periods increased from $136.10 million to $239.95 million.

On December 7, 2011, THQ Inc updated its outlook for the 2012 fiscal third quarter, ended December 31, 2011. For the quarter, THQ Inc expected to report net sales of approximately 25% below its previously announced guidance of $510 million to $550 million, due to “weaker-than-expected initial sales of its uDraw GameTablet for Xbox 360 and PlayStation 3.”

Then on February 2, 2012, THQ Inc (NASDAQ: THQI) reported financial results for the third quarter ended December 31, 2011. Among other things, THQ Inc, said that it is exiting development of traditional kids’ licensed console games and has no future commitments or plans to manufacture uDraw hardware.

Shares of THQ Inc (NASDAQ: THQI) have lost substantial value. Over the past 12 months NASDAQ: THQI shares fell from as high as $3.59 per share on June 29, 2011 to recently $0.64 per share.

On June 15, 2012, THQ Inc (NASDAQ: THQI) shares closed at $0.69 per share, significantly less than its current 52 week High of $3.67 per share.