NEW YORK, NY--(Marketwired - August 22, 2014) - Faruqi & Faruqi, LLP, a leading national securities law firm, reminds investors in Liquidity Services, Inc. ("Liquidity" or the "Company") (NASDAQ: LQDT) of the September 12, 2014 deadline to seek the role of lead plaintiff in a federal securities class action lawsuit filed against Liquidity and certain executives.
A complaint has been filed in the United States District Court for the District of Columbia on behalf of all persons who purchased or acquired Liquidity securities between February 1, 2012 through May 7, 2014, inclusive (the "Class Period").
The complaint alleges that the Company and its executives violated federal securities laws with respect to its disclosures concerning its business, operations, and prospects.
Specifically, the action alleges that the Company failed to disclose the impact of mix changes in the Company's Department of Defense surplus and retail businesses, delayed capital asset projects in both the U.S. and Europe and unusual softness in the Company's energy vertical due to an industry-wide decline in line pipe and related equipment.
On May 7, 2014, the Company announced that it had suffered heavy, unforeseen losses and was forced to drastically reduce its guidance for gross merchandise volume, Adjusted EBITDA and Adjusted Diluted earnings per share.
Following this news, the price of Liquidity stock declined by $5.14, or roughly 30%, to close at $12.17 on May 8, 2014.
Request more information now by clicking here: www.faruqilaw.com/LQDT. There is no cost or obligation to you.
Take Action
If you invested in Liquidity stock or options between February 1, 2012 through May 7, 2014 and would like to discuss your legal rights, visit www.faruqilaw.com/LQDT. You can also contact us by calling Richard Gonnello toll free at 877-247-4292 or at 212-983-9330 or by sending an e-mail to rgonnello@faruqilaw.com. Faruqi & Faruqi, LLP also encourages anyone with information regarding Liquidity's conduct to contact the firm, including whistleblowers, former employees, shareholders and others.
Faruqi & Faruqi, LLP is a national law firm which represents investors and individuals in class action litigation. The firm is focused on providing exemplary legal services in complex litigation in the areas of securities, shareholder, antitrust and consumer litigation, throughout all phases of litigation. The firm has an experienced trial team which has achieved significant victories on behalf of the firm's clients. To keep track of the latest securities litigation news, follow us on Twitter at www.twitter.com/MergerActivity or on Facebook at www.facebook.com/FaruqiLaw.
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FARUQI & FARUQI, LLP
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Attn: Richard Gonnello, Esq.
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Telephone: (877) 247-4292 or (212) 983-9330
