Tue, Jun 19, 2012 | 17:27 BST
Class-action suit filed against THQ over uDraw Tablet
A class-action complaint filed against THQ with the US District Court for the Central District of California on behalf of shareholders by shareholder rights firm Robbins Umeda LLP, claims the firm misled its shareholders by misrepresenting or withholding critical sales information regarding the uDraw Tablet. The complaint charges THQ and some of its officers and directors with violating the Securities Exchange Act of 1934 during the period of May 3, 2011 to February 3, 2012 where the complaint states THQ provided “materially false and misleading” statements regarding the failed peripheral and that it “failed to disclose adverse facts” regarding the product line. The suit seeks “to recover damages on behalf of all purchasers of THQ common stock during the Class Period,” states the report on GI International.