Key Developments: IEC Electronics Corp (IEC.A)
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Latest Key Developments (Source: Significant Developments)
Bronstein, Gewirtz & Grossman, LLC Announces Securities Class Action Against IEC Electronics Corp
Bronstein, Gewirtz & Grossman, LLC announced 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 (IEC or the Company), 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: the Company was improperly accounting for work-in-process inventory for one of its subsidiaries; as a result, the Company's gross profit was overstated during the Class Period; as such, the Company's financial results were not prepared in accordance with Generally Accepted Accounting Principles (GAAP); the Company lacked adequate internal and financial controls; and 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. Full Article
Harwood Feffer LLP Announces Investigation Of IEC Electronics Corp
Harwood Feffer LLP announced that it is investigating potential claims against the board of directors of IEC Electronics Corp, concerning whether the board has breached its fiduciary duties to shareholders. On May 1, 2013, IEC announced that it would be required to restate its financial statements for the 2012 fiscal year and the first quarter of the 2013 fiscal year. The restatement was due to accounting errors that improperly understated cost of sales and overstated gross profit by approximately $2.2 million. The investigation concerns whether the Company board of directors has breached its fiduciary duties to shareholders, grossly mismanaged the Company, and/or committed abuses of control in connection with the foregoing. Full Article
Glancy Binkow & Goldberg LLP Announces Class Action Lawsuit Against IEC Electronics Corp
Glancy Binkow & Goldberg LLP, representing investors of IEC Electronics Corp, announced has filed a class action lawsuit in the United States District Court for the Southern District of New York on behalf of a class (the Class) comprising all purchasers of IEC securities between February 8, 2012, and May 21, 2013, inclusive (the Class Period). 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. Full Article
Young Law Firm Announces Investigation Of IEC Electronics Corp
The Young Law Firm announced that it is investigating potential claims on behalf of investors in IEC Electronics Corp (IEC or the Company) concerning possible violations of federal securities laws. The investigation focuses on certain statements issued by IEC between February 8, 2012 and April 30, 2013 concerning the Company`s business. IEC specializes in the custom manufacture of complex circuit cards and system-level assemblies, cable and wire harness assemblies, and precision sheet metal components. It serves military and aerospace, medical, industrial, communications, and other sectors. The investigation is related to the Company's May 1, 2013 announcement that IEC'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 are being restated 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, this error resulted in an aggregate understatement of cost of sales and an aggregate overstatement of gross profit during all such Restated Periods of approximately $2.2 million. On May 2, 2013, the trading price of IEC`s common stock dropped by $0.50 per share, nearly 9%, to close at $5.20 per share on heavier than usual trading volume. Full Article
Lifshitz Law Firm Announces Investigation Of IEC Electronics Corp
Lifshitz Law Firm announced that it is investigating potential claims against the board of IEC Electronics Corp. On May 1, 2013, IEC 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 error in accounting for work-in-process inventory at one of the Company's subsidiaries, Southern California Braiding, Inc. This error resulted in an aggregate understatement of cost of sales and an aggregate overstatement of gross profit during all such Restated Periods of approximately $2.2 million. Full Article
Law Offices of Todd M. Garber Announces Investigation Of IEC Electronics Corp
The Law Offices of Todd M. Garber announced that it is investigating potential claims against IEC Electronics Corp concerning possible violations of federal securities laws. The investigation focuses on certain statements issued by IEC between February 8, 2012 and April 30, 2013 regarding IEC`s financial performance. The investigation is related to the Company`s May 1, 2013 announcement that IEC`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 are being restated 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: "This error resulted in an aggregate understatement of cost of sales and an aggregate overstatement of gross profit during all such Restated Periods of approximately $2.2 million." Full Article
Wohl & Fruchter LLP Announces Investigation Into Financial Reporting Errors At IEC Electronics Corp
The law firm of Wohl & Fruchter LLP announces that it is investigating financial reporting errors at IEC Electronics Corp (IEC). On May 1, 2013, after the market closed, IEC announced that its financial statements for the fiscal year ended September 30, 2012, the quarterly periods during fiscal 2012, and the quarter ended December 28, 2012 (collectively, the Restated Periods) require restatement due to an error in accounting for work-in-process inventory at one of the Company's subsidiaries, Southern California Braiding, Inc. At the time, the Company estimated that this error resulted in an understatement of cost of sales, and an overstatement of gross profit, during the Restated Periods of approximately $2.2 million. Full Article
Law Firm of Levi & Korsinsky, LLP Launches An Investigation Into Possible Breaches Of Fiduciary Duty By IEC Electronics Corp
Levi & Korsinsky announced that it is investigating potential claims on behalf of purchasers of IEC Electronics Corp who purchased stock between February 8, 2012 and April 30, 2013. The investigation concerns the Company's announcement 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. Full Article
Glancy Binkow & Goldberg LLP Announces Investigation of IEC Electronics Corp
Glancy Binkow & Goldberg LLP announced that it is investigating potential claims on behalf of investors who purchased the common stock of IEC Electronics Corp between February 8, 2012 and April 30, 2013. The investigation is related to certain statements issued by IEC during the foregoing period regarding IEC`s financial performance. Full Article
IEC Electronics Corp Revises FY 2013 Revenue Guidance
IEC Electronics Corp announced that as previously announced, it has lowered sales growth forecast range for fiscal 2013 to 6% to 9% from 9% to 14%. Full Article
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