Securities attorneys have filed a class action lawsuit in the Southern District of New York against magicJack VocalTec Ltd. (NASDAQ: CALL) (“magicJack” or the “Company”) on behalf of magicJack investors who purchased securities between February 28, 2012 and January 8, 2013, inclusive (“Class Period”).
The magicJack lawsuit alleges securities fraud against the Company including violation of Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 and Rule 10b-5 promulgated thereunder. This class action seeks to recover investor losses against the Company and certain of its officers and directors including Andrew MacInnes, Daniel Borislow, Gerald T. Vento and Peter J. Russo.
The Company is the maker of VoIP products including its namesake, magicJack products, and maintains offices in West Palm Beach, Florida.
As previously discussed here, the Company’s shares were hammered after a report issued by “Copperfield Research” was published on SeekingAlpha.com concerning alleged financial shenanigans. After this report was issued, magicJack stock declined $2.01 per share or 11.6%, to close at $15.30 per share on January 9, 2013.
Shareholders with investment losses who purchased during the class period have until March 19, 2013 to file applications to serve as lead plaintiff.