Quantum(US:QMCO) Prnewswireยท2025-09-24 13:35Core Viewpoint - Faruqi & Faruqi, LLP is investigating potential claims against Quantum Corporation due to allegations of improper revenue recognition and subsequent financial restatements, which have led to significant stock price declines and investor losses [2][4][5]. Group 1: Legal Investigation and Claims - Faruqi & Faruqi, LLP 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: Financial Misconduct Allegations - The lawsuit claims that Quantum Corporation made false and misleading statements regarding its revenue recognition practices during the fiscal year ended March 31, 2025, necessitating a restatement of financial statements for the fiscal third quarter ended December 31, 2024 [4]. - On June 30, 2025, Quantum disclosed it would be unable to timely file its annual financial report due to ongoing reviews of its accounting practices, resulting in a stock price drop of $1.00, or 10.03%, closing at $8.97 per share [5]. - On August 8, 2025, Quantum announced that its third quarter 2024 financial statements should no longer be relied upon, revealing deficiencies in internal controls and a revenue decrease of approximately $3.9 million [6]. - 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].