RADNOR, Pa., — Kaskela Law LLC announces that a shareholder class action lawsuit has been filed against Kulicke & Soffa Industries, Inc. (NASDAQ:KLIC) (“Kulicke & Soffa” or the “Company”) on behalf of purchasers of the Company’s securities between November 16, 2017 and May 10, 2018, inclusive (the “Class Period”).
IMPORTANT DEADLINE: Investors who purchased Kulicke & Soffa securities during the Class Period may, no later than July 10, 2018, seek to be appointed as a lead plaintiff representative of the investor class. Kulicke & Soffa investors are encouraged to visit www.kaskelalaw.com/case/kulicke-soffa for additional information about this action.
On May 10, 2018, Kulicke & Soffa disclosed that it had “learned of certain unauthorized transactions by a senior finance employee of the Company.” Additionally, the Company disclosed that it has “undertaken an investigation of these transactions with the assistance of outside advisors,” and that that Company’s “previously issued consolidated financial statements for the fiscal year ended September 30, 2017 can no longer be relied upon due to the misstated warranty accruals made in prior periods.”
Following this news, shares of the Company’s stock declined $1.80 per share, or over 7.5%, to close on May 11, 2018 at $21.99, on heavy trading volume.
The shareholder class action complaint alleges that Kulicke & Soffa and certain of its senior executive officers made false and misleading statements and/or failed to disclose to investors that: (i) Kulicke and Soffa’s consolidated financial statements for the fiscal year ending September 30, 2017 could no longer be relied upon due to misstated warranty accruals; and (ii) as a result, defendants’ public statements were materially false and misleading at all relevant times. The complaint further alleges that, as a result of the foregoing, investors purchased Kulicke & Soffa’s securities at artificially inflated prices during the Class Period and sustained investment losses following the Company’s May 10, 2018 disclosures.
Kulicke & Soffa investors are encouraged to contact Kaskela Law LLC (D. Seamus Kaskela, Esq.) at (484) 258 – 1585 or (888) 715 – 1740, or via www.kaskelalaw.com/case/kulicke-soffa, to discuss their legal rights and options with respect to this action. Kaskela Law LLC exclusively prosecutes shareholder actions in state and federal courts throughout the country on behalf of investors. For additional information about Kaskela Law LLC please visit www.kaskelalaw.com.