Quantum(US:QMCO) Businesswire·2025-09-05 20:46Core Viewpoint - Faruqi & Faruqi, LLP is investigating potential claims against Quantum Corporation due to allegations of false and misleading statements regarding its financial reporting and revenue recognition [2][3]. Group 1: Legal Investigation and Class Action - The law firm is encouraging investors who suffered losses exceeding $75,000 in Quantum Corporation between November 15, 2024, and August 18, 2025, to discuss their legal options [1][2]. - A federal securities class action has been filed against Quantum Corporation, with a deadline of November 3, 2025, for investors to seek the role of lead plaintiff [2][8]. Group 2: Allegations Against Quantum Corporation - The lawsuit claims that Quantum Corporation improperly recognized revenue for the fiscal year ended March 31, 2025, necessitating a restatement of its financial statements for the fiscal third quarter ended December 31, 2024 [3]. - Quantum Corporation disclosed on June 30, 2025, that it would be unable to timely file its annual financial report due to a review of its accounting related to certain revenue contracts, leading to a stock price drop of $1.00, or 10.03%, closing at $8.97 per share [4]. - On August 8, 2025, Quantum announced that its third quarter 2024 financial statements should no longer be relied upon due to deficiencies in internal controls, resulting in a revenue decrease of approximately $3.9 million [5]. - Following the announcement of its CEO's resignation on August 18, 2025, Quantum's stock price fell by $0.61, or 8.2%, closing at $6.83 per share [7].