Zamansky LLC announces that it has commenced an investigation of MagicJack VocalTec LTD. (“MagicJack” or the “Company”) (NASDAQGM: CALL) for potential violations of federal securities laws. The investigation is for investors who purchased CALL at possibly inflated prices while it traded above $20 per share.
On January 9, 2013, CALL fell more than 10% after research group Copperfield Research alleged that MagicJack misrepresented facts on financial statements. Copperfield Research published a report on MagicJack alleging that it has been overstating its revenue and profitability in its SEC filings. CALL has fallen from over $20 per share to below $14 per share, and MagicJack’s CEO Daniel Borislow resigned. The investigation concerns whether MagicJack’s management issued false and misleading statements to “pump up” the stock price and prevent its decline.
If you are an existing or former investor in MagicJack, please contact our firm for an evaluation of your rights. You can contact Jake Zamansky by telephone at (212) 742-1414, or by email at firstname.lastname@example.org.