Microsoft Gets Hit With Class Action Lawsuit Regarding Surface RT
Microsoft Corporation has been hit with a class action lawsuit filed by law firm Robbins Geller Rudman & Dowd. The lawsuit claims that Microsoft providing misleading information about the company’s Surface RT sales. Defendants named in the case are Microsoft CEO Steve Ballmer, former Chief Financial Officer Peter Klein, Corporate Vice President Frank Brod, and Executive Vice President of Marketing Tami Reller. You can read the PDF of the complaint at this link.
The lawsuit was filed in the United States District Court for the District of Massachusetts on behalf of people that bought Microsoft stock between April 18, 2013 and July 18, 2013 (known as the “Class Period”).
Robbins Geller Rudman & Dowd claims that Microsoft had issued materially false and misleading statements regarding their financial performance and the Surface RT tablet.
Microsoft recently said that the Surface RT was a $900 million write-down in their Q4 2013 earnings report. However, the company continued to push the ARM-based Surface RT product and is expected to release new Surface RT accessories and a new Surface RT between now and June 30, 2014.