THQ Inc. (NASDAQ:THQI) Investor Files Lawsuit Against Directors Over Alleged Breaches Of Fiduciary Duties

Investors who are current long term investors in THQ Inc. (NASDAQ:THQI) shares, have certain options and should contact the Shareholders Foundation, Inc.

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Company Name(s): 
Case Name: 
THQ Shareholder Derivative Lawsuit 08/31/2012
Case Status: 
Lawsuit Filed
Affected Securities
Lawsuit Overview
Type of Lawsuit: 
Shareholder Derivative Action
Date Filed: 

Sept. 5, 2012 (Shareholders Foundation) -- A current investor in shares in THQ Inc. (NASDAQ:THQI) filed a lawsuit against certain directors of THQ Inc. over alleged breaches of fiduciary duties.

According to the complaint the plaintiff alleges that defendants breached their fiduciary duties owed to THQI stockholders in connection with certain financial statements that were allegedly materially false and misleading. The plaintiff claims that as a result of those statements the price for NASDAQ:THQI shares increased and then fell substantially when the truth was revealed.

The lawsuit against directors over alleged breaches of fiduciary duties follows a lawsuit that was filed earlier against THQ, Inc. over alleged Securities Laws Violations. According to that complaint filed in the U.S. District Court for the Central District of California the plaintiff alleges that THQ Inc. violated the Securities Exchange Act of 1934 by issuing materially false and misleading statements regarding the Company’s business and prospects.

On December 7, 2011, THQ Inc. updated its outlook for the 2012 fiscal third quarter, ended December 31, 2011.

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.