SHAREHOLDER ALERT: Pomerantz Law Firm Announces the Filing of a Class Action
Against IEC Electronics Corp. and Certain Officers -- IEC
NEW YORK, July 8, 2013 (GLOBE NEWSWIRE) -- Pomerantz Grossman Hufford
Dahlstrom & Gross LLP announces the filing of a class action lawsuit against
IEC Electronics Corp. ("IEC" or the "Company") (NYSE:IEC) and certain of its
officers. The class action, filed in United States District Court, Southern
District of New York, is on behalf of a class consisting of all persons or
entities who purchased or otherwise acquired securities of IEC between
February 8, 2012 and May 21, 2013 both dates inclusive (the "Class Period").
This class action seeks to recover damages against the Company and certain of
its officers and directors as a result of alleged violations of the federal
securities laws pursuant to Sections 10(b) and 20(a) of the Securities
Exchange Act of 1934 and Rule 10b-5 promulgated thereunder.
If you are a shareholder who purchased IEC securities during the Class Period,
you have until August 27, 2013 to ask the Court to appoint you as Lead
Plaintiff for the class. A copy of the Complaint can be obtained at
www.pomerantzlaw.com. To discuss this action, contact Robert S. Willoughby
at email@example.com or 888.476.6529 (or 888.4-POMLAW), toll free, x237.
Those who inquire by e-mail are encouraged to include their mailing address,
telephone number, and number of shares purchased.
IEC Electronics Corp. provides electronic contract manufacturing services to
advanced technology companies in the United States. It specializes in the
custom manufacture of complex circuit cards and system-level assemblies; an
array of cable and wire harness assemblies; and precision sheet metal
The Complaint alleges that throughout the Class Period, Defendantsissued
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 withGenerally 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 statementswere materially
false and misleading at all relevant times.
On May 2, 2013 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 were being
restated due to anaccountingerror related to inventory at one of the
Company's subsidiaries.On this news announcement, shares of IEC fell $0.50 or
about 9% percent to close at $5.20 per share.
The Pomerantz Firm, with offices in New York, Chicago, Florida, and San Diego,
is acknowledged as one of the premier firms in the areas of corporate,
securities, and antitrust class litigation. Founded by the late Abraham L.
Pomerantz, known as the dean of the class action bar, the Pomerantz Firm
pioneered the field of securities class actions. Today, more than 70 years
later, the Pomerantz Firm continues in the tradition he established, fighting
for the rights of the victims of securities fraud, breaches of fiduciary duty,
and corporate misconduct. The Firm has recovered numerous multimillion-dollar
damages awards on behalf of class members. See www.pomerantzlaw.com.
CONTACT: Robert S. Willoughby
Pomerantz Grossman Hufford Dahlstrom & Gross LLP
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