The Shareholders Foundation announced that an investigation on behalf of investors, who purchased shares of Polycom Inc (NASDAQ:PLCM) in early 2013 or earlier and currently hold any of those NASDAQ:PLCM shares, was initiated concerning possible wrongdoing by certain Polycom.officers and directors
Investors who purchased shares of Polycom Inc (NASDAQ:PLCM) shares have certain options and should contact the Shareholders Foundation at email@example.com or call +1(858) 779 – 1554.
The investigation by a law firm concerns whether certain Polycom officers and directors breached their fiduciary duties and caused damage to the company and its shareholders.
On July 23, 2013, Polycom Inc reported its financial results for the second quarter ended June 30, 2013. Among other things, Polycom Inc also announced the appointment of Kevin Parker as Interim Chief Executive Officer. Polycom Inc said that Mr. Parker replaces Andrew Miller who resigned as Chief Executive Officer, President and a member of the Board of Directors on July 19, 2013, after the Audit Committee of the Board of Directors found certain irregularities in Mr. Miller’s expense submissions, for which Mr. Miller accepted responsibility. Shares of Polycom Inc (NASDAQ:PLCM) declined from $11.70 per share in Monday 22, 2013, to $9.37 per share in July 25, 2013.
On July 26, 2015, a lawsuit was filed against Polycom Inc. over alleged securities laws violations. The plaintiff alleged that the defendants made false and/or misleading statements and/or failed to disclose that Polycom Inc’s CEO had been submitting inappropriate and irregular expense submissions, that Polycom Inc’s CEO was violating Polycom Inc’s code of conduct and was subject to dismissal at all relevant times, that Polycom Inc did not have effective internal controls over their business operations, that the CEO’s improper conduct created a risk that he would be terminated from Polycom Inc, jeopardizing Polycom Inc’s future success, and that as a result of the above, Polycom Inc’s financial statements were materially false and misleading at all relevant times.
Those who purchased shares of Polycom Inc have certain options and should contact the Shareholders Foundation.
Shareholders Foundation, Inc.
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