NEW YORK (Legal Newsline) – A manufacturer of printers and related supplies is accused of violating federal securities laws.
Oklahoma Firefighters Pension and Retirement System filed a complaint individually and on behalf of all others similarly situated on July 20 in the U.S. District Court for the Southern District of New York against Lexmark International Inc., Paul A. Rooke, David Reeder, Gary Stromquist and Martin S. Canning alleging violation of the Securities Exchange Act of 1934.
According to the complaint, the plaintiff alleges that the defendants made false and misleading statements regarding its end-user demand, channel inventory and growth prospects for high-margin supplies business. The suit states the price of Lexmark stock dropped 20.2 percent in July 2015 when the defendants reported poor results for the second quarter, which the plaintiff alleges caused it damages.
The plaintiff requests a trial by jury and seeks compensatory damages, all damages, interest, all legal fees and any other relief as the court deems just. It is represented by Christopher J. Keller, Eric J. Belfi and Francis P. McConville of Labaton Sucharow LLP in New York.
U.S. District Court for the Southern District of New York Case number 1:17-cv-05543-WHP