Former United States Securities and Exchange Commission attorney Willie
Briscoe, founder of The
Briscoe Law Firm, PLLC, and the securities litigation firm of Powers
Taylor, LLP announce that the firms are investigating legal claims
against the officers and Board of ModusLink Global Solutions, Inc.
(“Company”) (NASDAQGS: MLNK) related to potential securities violations
by the Company between September 26, 2007 and June 8, 2012 (the “Class
If you are an affected investor and you want to learn more about the
lawsuit or join the action, contact Zach Groover at Powers Taylor, LLP,
toll free (877) 728-9607, via e-mail at firstname.lastname@example.org,
or Willie Briscoe at The Briscoe Law Firm, PLLC, (214) 706-9314, or via
email at WBriscoe@TheBriscoeLawFirm.com.
There is no cost or fee to you.
The Company and certain of its officers and directors were charged with
violating certain provisions of the Securities Exchange Act of 1934.
Specifically, the complaint alleges that defendants misrepresented
and/or failed to disclose that: (1) ModusLink’s accounting for rebates
associated with certain volume discounts was improper and misleading;
(2) the Company’s financial statements during the Class Period did not
provide a fair presentation of the Company’s finances and operations;
(3) ModusLink's financial results were not prepared in accordance with
Generally Accepted Accounting Principles; (4) the Company lacked
adequate internal controls; and (5), as a result of the above,
ModusLink’s financial statements were materially false and misleading at
all relevant times.
On June 11, 2012, ModusLink issued a press release acknowledging that
its financial statements from fiscal years 2009 through 2011, as well as
the first two quarters of fiscal year 2012, could no longer be relied
upon. On this news, shares of ModusLink declined by $1.48, or 34% of
their value, to close on June 11, 2012, at just $2.78 per share.
According to shareholder rights attorney Willie Briscoe, “The recent
revelations about ModusLink’s alleged misrepresentations regarding its
business and financial status are particularly troubling. This has led
our firms to investigate possible breaches of fiduciary duties and other
violations of state law by ModusLink’s officers and directors. Based on
our investigation, we are prepared to institute litigation to preserve
the company and the value of ModusLink stock for all shareholders.”
Briscoe Law Firm, PLLC is a full service business litigation,
commercial transaction, and public advocacy firm with more than 20 years
of experience in complex litigation and transactional matters.
Taylor, LLP is a boutique litigation law firm that handles a variety
of complex business litigation matters, including claims of investor and
stockholder fraud, shareholder oppression, shareholder derivative suits,
and security class actions.