NEW YORK–(BUSINESS WIRE)–#A–Bragar Eagel & Squire, P.C., a nationally recognized stockholder rights law firm, announces that a class action lawsuit has been filed against International Business Machines Corporation (“IBM” or the “Company”) (NYSE: IBM) in the United States District Court for the Southern District of New York on behalf of all persons and entities who purchased or otherwise acquired IBM securities between January 18, 2018, and October 16, 2018, both dates inclusive (the “Class Period”). Investors have until March 14, 2023 to apply to the Court to be appointed as lead plaintiff in the lawsuit.
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During the Class Period, in connection with the purchase or sale of securities, these Defendants made various untrue statements of material facts and omitted to state material facts necessary to make the statements made, in light of the circumstances under which they were made, not misleading. Throughout the Class Period, these Defendants knew or recklessly disregarded that their materially false and misleading statements and/or omissions of material fact: (i) deceived the investing public, including Plaintiff and other Class members, as alleged herein; (ii) artificially inflated and maintained the market price of IBM securities; and (iii) caused Plaintiff and other members of the Class to purchase or otherwise acquire IBM securities at artificially inflated prices. In furtherance of this unlawful course of conduct, Defendants, and each of them, took the actions set forth herein.
Each of these Defendants participated directly or indirectly in the preparation and/or issuance of, or were responsible for, the quarterly and annual reports, SEC filings, press releases and other statements and documents described above, including statements made to securities analysts and the media that contained materially false and misleading statements and/or omitted material facts that were designed to and did influence the market for IBM securities. Such reports, filings, releases and statements were materially false and misleading in that they failed to disclose material adverse information and misrepresented the truth about IBM’s operations and financial results concerning Strategic Imperatives Revenue and legacy mainframe business.
IBM and senior managers mentioned herein whose scienter can be imputed to IBM and who are responsible for the materially false and misleading statements and/or material omissions had actual knowledge of the materially false and misleading statements and material omissions alleged herein and intended thereby to deceive Plaintiffs and the other members of the Class, or, in the alternative, those senior executives whose scienter can be imputed to IBM and who are responsible for the materially false and misleading statements and/or material omissions acted with reckless disregard for the truth in that they failed or refused to ascertain and disclose such facts as would reveal the materially false and misleading nature of the statements made, although such facts were readily available to these Defendants. Those responsible for IBM’s materially false and misleading statements and/or material omissions committed knew or recklessly disregarded that material facts were being misrepresented or omitted as described above.
IBM and the Maker Defendants are liable both directly and indirectly for the wrongs complained of herein. Because of their positions as senior managers, the persons specified herein whose scienter can be imputed to IBM were responsible for the contents of IBM’s statements. As senior managers of a publicly-held company, the Individual Defendants had a duty to disseminate timely, accurate, and truthful information with respect to IBM’s business, operations, future financial condition and future prospects. As a result of the dissemination of the aforementioned false and misleading reports, releases and public statements, the market price of IBM securities was artificially inflated throughout the Class Period. In ignorance of the adverse facts concerning IBM’s business and financial condition which were concealed, Plaintiff and the other members of the Class purchased or otherwise acquired IBM securities at artificially inflated prices and relied upon the price of the securities, the integrity of the market for the securities and/or upon statements disseminated by Defendants and were damaged thereby.
During the Class Period, IBM securities were traded on an active and efficient market. Plaintiff and the other members of the Class, relying on the materially false and misleading statements described herein, that Defendants made, issued or caused to be disseminated, or relying upon the integrity of the market, purchased or otherwise acquired IBM securities at prices artificially inflated by Defendants’ wrongful conduct. Had Plaintiff and the other members of the Class known the truth, they would not have purchased or otherwise acquired said securities or would not have purchased or otherwise acquired them at the artificially inflated prices they paid. At the time of the purchases and/or acquisitions by Plaintiff and the Class, the true value of IBM securities was substantially lower than the prices paid by Plaintiff and the other members of the Class. The market price of IBM securities declined sharply upon public disclosure of the facts alleged herein to the injury of Plaintiff and Class members.
By reason of the conduct alleged herein, these Defendants knowingly or recklessly, directly or indirectly, have violated Section 10(b) of the Exchange Act and Rule 10b-5(b) promulgated thereunder.
As a direct and proximate result of Defendants’ wrongful conduct, Plaintiff and the other members of the Class suffered damages in connection with their respective purchases, acquisitions and sales of the Company’s securities during the Class Period, upon the disclosure that the Company had been disseminating misrepresented statements to the investing public.
If you purchased or otherwise acquired IBM shares and suffered a loss, are a long-term stockholder, have information, would like to learn more about these claims, or have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Brandon Walker or Melissa Fortunato by email at [email protected], telephone at (212) 355-4648, or by filling out this contact form. There is no cost or obligation to you.
About Bragar Eagel & Squire, P.C.:
Bragar Eagel & Squire, P.C. is a nationally recognized law firm with offices in New York, California, and South Carolina. The firm represents individual and institutional investors in commercial, securities, derivative, and other complex litigation in state and federal courts across the country. For more information about the firm, please visit www.bespc.com. Attorney advertising. Prior results do not guarantee similar outcomes.
Contacts
Bragar Eagel & Squire, P.C.
Brandon Walker, Esq.
Melissa Fortunato, Esq.
(212) 355-4648
[email protected]
www.bespc.com