A lawsuit was filed on behalf of investors in Zebra Technologies Corp. (NASDAQ:ZBRA) shares over alleged securities laws violations.
San Diego, CA -- (SBWIRE) -- 08/23/2017 -- An investor in shares of Zebra Technologies Corp. (NASDAQ:ZBRA), filed a lawsuit over alleged violations of Federal Securities Laws by Zebra Technologies in connection with certain allegedly false and misleading statements.
Investors who purchased shares of Zebra Technologies Corp. (NASDAQ:ZBRA) have certain options and for certain investors are short and strict deadlines running. Deadline: September 25, 2017. NASDAQ:ZBRA investors should contact the Shareholders Foundation at firstname.lastname@example.org or call 858-779-1554.
According to the complaint the plaintiff alleges on behalf of purchasers of Zebra Technologies Corp. (NASDAQ:ZBRA) common shares between March 17, 2015 and May 9, 2016, that the defendants violated Federal Securities Laws. More specifically, the plaintiff claims that between March 17, 2015 and May 9, 2016, the defendants failed to disclose that Zebra Technologies had understated its income taxes through the end of 2015, underaccrued certain 2015 estimates, in particular with respect to its sales commission plan, and overstated the net realizable value of trade receivables acquired in connection with the Company's acquisition of Motorola's Enterprise division.
The plaintiff further alleges that Zebra Technologies Corp. also failed to disclose the impact of material weaknesses identified in its internal controls and procedures over financial reporting and disclosure, which caused the misstatements and rendered the Company's financial guidance for 2015 and the first and second quarters of 2016 materially false and misleading.
Lincolnshire, IL based Zebra Technologies Corporation designs, manufactures and sells a range of automatic identification and data capture (AIDC) products.
Zebra Technologies Corp. reported that its annual Total Revenue rose from over $1.03 billion in 2013 to over $3.65 billion in 2015 while its Net Income declined from $134.22 million in 2013 to a Net Loss of $137 million in 2015.
On May 10, 2016, before the open of trading, Zebra Technologies Corp. announced its financial results for its first quarter of 2016, stating that "first quarter results [were] below . . . expectations, with lower sales and earnings reflecting the continuation of a cautious enterprise spending environment."
Also on May 10, 2016, Zebra filed its quarterly report on Form 10-Q with the SEC for the first quarter of 2016, which confirmed that Zebra had found defects in its internal controls in 2015 that had impaired its ability to accurately forecast its pretax income and deferred taxes. Shares of Zebra Technologies Corp. dropped more than $11 per share, from a close of $62.58 per share on May 9, 2016 to close at $51.46 per share on May 10, 2016
On November 1, 2016, Zebra Technologies Corp acknowledged that it was required to restate the "known errors" made in its previously-issued financial statements for the fiscal year ended December 31, 2015, as well as the quarterly periods ended April 2, 2016, and July 2, 2016.
Those who purchased shares of Zebra Technologies Corp. (NASDAQ:ZBRA) have certain options and should contact the Shareholders Foundation.
Shareholders Foundation, Inc.
3111 Camino Del Rio North - Suite 423
92108 San Diego
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