Shareholders of Lexmark International, Inc have hired a law firm to conduct investigations on its officers, in face of the waves of suits conducted by its investors.
The company reported poor results for its second quarter on July 21 2015 and lowered its 2015 sales guidance. Lexmark later revealed its supplies growth was not due to end-user demand but, instead, the result of European customers buying ahead of customary price increases which produced excessive inventory at European wholesale distributors.
As a result, Lexmark stock price fell dramatically in value by $9.57 per share, to close at $37.75 per share which caused significant losses and damages to investors.
RT Media reported Lexmark has already faced several lawsuits alleging that Lexmark made materially false and misleading statements about the same class period between August 1, 2014 and July 20, 2015.