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Faruqi & Faruqi, LLP Announces Investigation of WMS Industries Inc.

^{Published on 2011-06-27 08:11:05 - Market Wire}
 

NEW YORK--([ BUSINESS WIRE ])--Faruqi & Faruqi, LLP, a national law firm concentrating on investor rights, consumer rights and enforcement of federal antitrust laws, is investigating potential wrongdoing at WMS Industries Inc. (aWMSa or the aCompanya) (NYSE: WMS). Faruqi & Faruqi, LLP seeks to determine whether WMS violated federal securities laws in connection with statements made to the Companya™s shareholders.

Request more information now by clicking here: [ www.faruqilaw.com/WMS ]

The investigation focuses on whether certain individuals violated federal securities laws by, among other things, failing to disclose that: (1) the Companya™s business operations were faltering and could not drive and support revenue and profitability guidance; (2) the Companya™s sales and margin growth were negatively impacted by an industry-wide weak replacement cycle which could not be offset by demand for WMSa™ products; and (3) due to known negative and industry trends the Company had no reasonable basis for its revenue and margin forecasts for fiscal year 2011.

On April 11, 2011, the Company pre-announced its financial results for the third quarter 2011 which revealed that the Company had missed Wall Street earnings. The Company also announced it would cut its revenue forecast for the third quarter 2011 by approximately $24 million and the revenues for fiscal year 2011 would be cut by approximately $60 million. Moreover, the Company reported it did not expect demand to recover in 2011 or 2012 and cut its revenue forecast for fiscal year 2012 by approximately $120 million.

Take Action

If you purchased WMS securities between November 1, 2010 and April 11, 2011, and you would like to discuss your legal rights, visit [ www.faruqilaw.com/WMS ]. You can also contact us by calling Anthony Vozzolo toll free at 877-247-4292 or at 212-983-9330 or by sending an email to [ avozzolo@faruqilaw.com ]. Faruqi & Faruqi, LLP also encourages anyone with information regarding WMSa™ conduct during the period in question to contact the firm, including whistleblowers, former employees, shareholders and others.

About Faruqi & Faruqi, LLP

Faruqi & Faruqi, LLP is a national law firm, representing investors, consumers and companies in the prosecution of claims under state corporate and consumer laws and the federal securities and antitrust laws. The firm is focused on providing exemplary legal services in complex litigation. Founded in 1995, the firm maintains its principal office in New York City, with offices in Delaware, California, Florida and Pennsylvania. The lawyers at Faruqi & Faruqi, LLP have demonstrated a clear commitment to championing the rights of shareholders and consumers nationwide.

Faruqi & Faruqi, LLP
369 Lexington Avenue, 10th Floor
New York, NY 10017
Attn: Anthony Vozzolo, Esq.
[ avozzolo@faruqilaw.com ]
Toll Free: (877) 247-4292
Phone: (212) 983-9330

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