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NEW YORK, June 12, 2019 (GLOBE NEWSWIRE) -- Pomerantz LLP is investigating claims on behalf of investors of Verint Systems Inc. (“Verint” or the “Company”) (NASDAQ: VRNT). Such investors are advised to contact Robert S. Willoughby at firstname.lastname@example.org or 888-476-6529, ext. 9980.
The investigation concerns whether Verint and certain of its officers and/or directors have engaged in securities fraud or other unlawful business practices.
On May 23, 2019, Spruce Point published a report asserting that Verint “has fallen far behind [its] industry’s evolving technological standards and . . . is making up for slow growth with aggressive M&A and dubious accounting.” Among other issues, Spruce Point alleged that Verint’s “organic growth was in the low single digits in FY18 and negative in FY19, far below reported top-line growth in the high single digits”, and that Verint’s “subsequent sales growth characterized as organic was largely driven . . . acquisitions, and that its underreported inorganic sales contribution created a ‘cookie jar’ which Verint used to beat Q4 and raise FY20 guidance.”
On this news, Verint’s stock price fell $4.11, or 6.73% to $57.06, during intraday trading on May 23, 2019.
The Pomerantz Firm, with offices in New York, Chicago, Los Angeles, and Paris, is acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class litigation. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, the Pomerantz Firm pioneered the field of securities class actions. Today, more than 80 years later, the Pomerantz Firm continues in the tradition he established, fighting for the rights of the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered numerous multimillion-dollar damages awards on behalf of class members. See www.pomerantzlaw.com
Robert S. Willoughby