A law firm Robbins Geller Rudman & Dowd has filed a lawsuit against Microsoft Corp. for allegedly releasing misleading information and statements about the company’s Surface RT sales.
On Tuesday, Neowin.net posted about the suit, which has listed Microsoft CEO Steve Ballmer, Executive Vice President of Marketing Tami Reller, Corporate Vice President Frank Brod and former Chief Financial Officer Peter Klein as defendants.
The law firm is seeking a lead plaintiff for the case. The case was filed in the U.S. District Court for the District of Massachusetts on behalf of the consumers of Microsoft stock between the “Class Period” (April 18, 2013 to July 18, 2013).
Robbins Geller Rudman & Dowd seems to be an expert in handling such cases as their website confirmed that they have handled successful similar cases in the past.
The law firm is asserting that Microsoft intentionally false and misleading statements about the financial performance of its Surface RT tablet during the first quarter of 2013. The complaint mentioned that the tech giant failed to disclose their huge inventory of the Surface RT which is a violation of the inventory accounting policy and SEC rules and regulations.
The California-based law firm admitted in the complaint that they have no information of the number of the consumers affected in the Class Period but they believe that it may reach hundreds or even thousands.
As part of its Q4 earnings report, a $900 million Surface RT write-down was announced by Microsoft. Regardless of the fact, the company is continuing to thrust ahead with its ARM-based Surface RT platform and is anticipated to make available new Surface RT tablet accessories and a new Surface RT tablet that will be launched sometime amid this date to June 30, 2014.
However, a spokesperson for Microsoft said in a quick interview with ZDNet that the company had no comment on the lawsuit.
The 31-page lawsuit filed by Robbins Geller Rudman & Dowd may be read here.
