The Klein Law Firm officially announced that a class action complaint has been filed on behalf of shareholders of International Business Machines Corporation that alleges that the company violated federal security laws.
According to an official press release: “The filed complaint alleges that International Business Machines Corporation made materially false and/or misleading statements and/or failed to disclose that: (i) Strategic Imperatives Revenue growth, CAMSS (the distinct components of “Cloud,” “Analytics,” “Mobile,” “Security,” and “Social”) and CAMSS Components’ revenue growth, and the Company’s Segments’ revenue growth were artificially inflated as a result of the wrongful reclassification/misclassification of revenues from non-strategic to strategic to make those revenues eligible for treatment as Strategic Imperatives Revenue; and (ii) IBM was materially less successful in growing its Strategic Imperative business, reporting materially higher growth than it actually achieved only by wrongfully reclassifying and misclassifying revenue from non-strategic to strategic thereby reporting publicly materially false Strategic Imperative Revenue.”
The release also notes that anyone who believes that they have suffered a loss in IBM has until March 14th, 2023 to petition the court for lead plaintiff status, adding that if you purchased IBM securities during the relevant period, you may be entitled to compensation without payment of any out-of-pocket fees.