Bronstein, Gewirtz & Grossman, LLC Announces that a Securities Class Action
has been Filed Against IEC Electronics Corp.
NEW YORK, July 2, 2013
NEW YORK, July 2, 2013 /PRNewswire/ -- Attorney Advertising -- Bronstein,
Gewirtz & Grossman, LLC announces that a securities class action has been
filed in the United States District Court for the Southern District of New
York on behalf of those who purchased shares of IEC Electronics Corp., Inc.
("IEC or the Company) (NYSE: IEC), during the period between February 8, 2012
and May 21, 2013, inclusive (the "Class Period").
The Complaint charges IEC and certain of its executives with violation of
federal securities law. The Complaint alleges that during the Class Period the
Company issued false and/or misleading statements and/or failed to disclose
that: (a) the Company was improperly accounting for work-in-process inventory
for one of its subsidiaries; (b) as a result, the Company's gross profit was
overstated during the Class Period; (c) as such, the Company's financial
results were not prepared in accordance with Generally Accepted Accounting
Principles ("GAAP"); (d) the Company lacked adequate internal and financial
controls; and (e) as a result of the foregoing, the Company's financial
statements were materially false and misleading at all relevant times.
On May 2, 2013 shares of the IEC fell $.50 or nearly 9% to close at $5.20
after the Company announced that its consolidated financial statements for the
fiscal year ended September 30, 2012, the quarterly periods during fiscal
2012, and the quarter ended December 28, 2012 are being restated due to an
accounting error related to inventory at one of the Company's subsidiaries.
No Class has yet been certified in the above action. If you wish to review a
copy of the Complaint, to discuss this action, or have any questions, please
contact Peretz Bronstein, Esq. or his Investor Relations Coordinator Eitan
Kimelman of Bronstein, Gewirtz & Grossman, LLC at 212-697-6484 or via email
email@example.com. Those who inquire by e-mail are encouraged to include their
mailing address and telephone number. August 27, 2013 is the deadline for
investors to seek a lead plaintiff appointment. Your ability to share in any
recovery doesn't require that you serve as a lead plaintiff.
Bronstein, Gewirtz & Grossman, LLC is a corporate litigation boutique. Our
primary expertise is the aggressive pursuit of litigation claims on behalf of
our clients. In addition to representing institutions and other investor
plaintiffs in class action security litigation, the firm's expertise includes
general corporate and commercial litigation, as well as securities
arbitration. Attorney advertising. Prior results do not guarantee similar
Bronstein, Gewirtz & Grossman, LLC
Peretz Bronstein or Eitan Kimelman 212-697-6484
SOURCE Bronstein, Gewirtz & Grossman, LLC
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