Investors Suing Microsoft Over Misleading Surface RT Info
It seems that the press wasn't the only entity unaware of how dismal Surface RT sales were until Microsoft's fourth quarter and full year results report back in July. The company revealed a $900 million "inventory adjustment" thanks to a stockpile of unsold Surface RT tablets, and now Microsoft investors are suing the company, claiming that they were "misled" because Microsoft failed to fully disclose sales figures of the Surface RT tablet during a specific window.
The class action lawsuit was filed by the Robbins Geller Rudman & Dowd law firm in the United States District Court for the District of Massachusetts. It was on behalf of purchasers of Microsoft common stock during the period between April 18, 2013 and July 18, 2013, aka the "Class Period". It claims that Microsoft violated the Securities Exchange Act by providing materially false and misleading statements regarding financial performance related to the ARM-based tablet.
According to the lawsuit, Microsoft misrepresented and failed to make public the fact that Surface RT was suffering poor demand and lackluster sales, that the overall inventory experienced a material decline in value during the quarter ending March 31, and that the financial statements for the same quarter were materially false and misleading. This non-disclosure of actual facts violated Generally Accepted Accounting Principles and Microsoft’s publicly disclosed policy of accounting for inventories
http://www.tomshardware.com/news/surface-rt-lawsuit-class-action-shareholders-misleading,23875.html
Hmmm, this seems eerily similair to the xbone situation right now doesnt it...
Microsoft in a crazed frenzy trying to claim that the xbone is selling just as much as the PS4....
Microsoft claiming that xbones are sold out at all retailers YET retailers are coming forward saying that they still have xbone day one stock sitting on shelfes
Microsoft has blatantly lied about sales numbers before as proven per the referenced lawsuite....are we really going to trust Microsft PR xbone sales numbers now....this is all too eeirly similair in fact..
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