SOURCE: Bernstein Litowitz Berger & Grossmann LLP

December 12, 2013 16:05 ET

Bernstein Litowitz Berger & Grossmann LLP Announces Securities Class Action Suit Filed Against International Business Machines Corporation and Certain of Its Senior Executives

NEW YORK, NY--(Marketwired - Dec 12, 2013) - Bernstein Litowitz Berger & Grossmann LLP ("BLB&G") today announced that it has filed a securities class action lawsuit on behalf of Louisiana Sheriffs' Pension & Relief Fund ("Louisiana Sheriffs") against International Business Machines Corporation ("IBM" or the "Company") (NYSE: IBM) and certain of its senior executives. The action, which is captioned Louisiana Sheriffs' Pension & Relief Fund v. International Business Machines Corporation, 13-cv-8818 (S.D.N.Y.), asserts claims under the Securities Exchange Act of 1934 ("Exchange Act") on behalf of investors in IBM common stock during the period of June 25, 2013 through October 16, 2013 (the "Class Period").

The Complaint alleges that during the Class Period, IBM misrepresented and concealed that its association with the U.S. National Security Agency's spy program known as "Prism" caused businesses in China as well as the Chinese government to abruptly halt doing business with IBM, leading to a precipitous decline in sales. When the Company ultimately revealed the truth regarding the collapse of its business in China, the price of IBM stock fell almost $12 per share. 

If you wish to serve as Lead Plaintiff for the Class, you must file a motion with the Court no later than 60 days from today. Accordingly, the deadline for filing a motion for appointment as Lead Plaintiff is February 10, 2014. Any member of the proposed Class may move the Court to serve as Lead Plaintiff through counsel of their choice, or may choose to do nothing and remain a member of the proposed Class.

If you wish to discuss this Action or have any questions concerning this notice or your rights or interests, please contact Avi Josefson of BLB&G at 212-554-1493, or via e-mail at avi@blbglaw.com.

Since its founding in 1983, BLB&G has built an international reputation for excellence and integrity. Specializing in securities fraud, corporate governance, shareholders' rights, employment discrimination, and civil rights litigation, among other practice areas, BLB&G prosecutes class and private actions on behalf of institutional and individual clients worldwide. Unique among its peers, BLB&G has obtained several of the largest and most significant securities recoveries in history, recovering billions of dollars on behalf of defrauded investors. More information about BLB&G can be found online at www.blbglaw.com.

Contact Information

  • CONTACT:
    Avi Josefson
    Bernstein Litowitz Berger & Grossmann LLP
    1285 Avenue of Americas, 38th Floor
    New York, New York 10019
    Telephone: (212) 554-1493