Breaking News

ADP Research Institute Says U.S. Added 213,000 Jobs in September
Tweet TWEET

Law Offices of Howard G. Smith Announces Class Action Lawsuit Against IEC Electronics Corp.

  Law Offices of Howard G. Smith Announces Class Action Lawsuit Against IEC
  Electronics Corp.

Business Wire

BENSALEM, Pa. -- August 13, 2013

Law Offices of Howard G. Smith announces that a class action lawsuit has been
filed in the United States District Court for the Southern District of New
York on behalf of a class (the “Class”) comprising all purchasers of the
securities of IEC Electronics Corp. (“IEC” or the “Company”) (NYSE:IEC)
between February 8, 2012, and May 21, 2013, inclusive (the “Class Period”).

IEC is a provider of electronic contract manufacturing services to advanced
technology companies. The Complaint alleges that during the Class Period the
Company issued false and/or misleading statements and/or failed to disclose
that: (1) the Company was improperly accounting for work-in-process inventory
for one of its subsidiaries; (2) as a result, the Company’s gross profit was
overstated during the Class Period; (3) as such, the Company’s financial
results were not prepared in accordance with Generally Accepted Accounting
Principles (“GAAP”); (4) the Company lacked adequate internal and financial
controls; and (5), as a result of the foregoing, the Company’s financial
statements were materially false and misleading at all relevant times.

On May 1, 2013 IEC announced it would restate the Company’s consolidated
financial statements for the fiscal year ended September 30, 2012, the
quarterly periods during fiscal 2012, and the quarter ended December 28, 2012
due to “an error in accounting for work-in-process inventory at one of the
Company's subsidiaries, Southern California Braiding, Inc.” According to the
Company, the error resulted in an aggregate understatement of cost of sales
and an aggregate overstatement of gross profit of approximately $2.2 million
during the restated periods.

No class has yet been certified in this action. Until a class is certified,
you are not represented by counsel unless you retain one. If you purchased IEC
securities during the Class Period, you have certain rights, and have until
August 27, 2013 to move for lead plaintiff status. To be a member of the class
you need not take any action at this time or you may retain counsel of your
choice. If you purchased IEC stock prior to the Class Period and have any
questions concerning this Notice or your rights or interests with respect to
these matters, please contact Howard G. Smith, Esquire, of Law Offices of
Howard G. Smith, 3070 Bristol Pike, Suite 112, Bensalem, Pennsylvania 19020 by
telephone at (215) 638-4847, Toll Free at (888) 638-4847, or by email to
howardsmith@howardsmithlaw.com, or visit our website at
http://www.howardsmithlaw.com.

Contact:

Law Offices of Howard G. Smith
Howard G. Smith, Esquire
(215) 638-4847
(888) 638-4847
howardsmith@howardsmithlaw.com
www.howardsmithlaw.com
 
Press spacebar to pause and continue. Press esc to stop.