Shareholders take Logitech to court
The Swiss-American computer peripherals maker Logitech is facing a class action suit in the United States, accused of withholding financial information.
According to the law firm Robbins Geller several shareholders allege that Logitech has failed to disclose information on the company’s true financial situation since the end of 2010.
They said positive statements emanating from Logitech were not supported by facts or figures.
Robbins Geller said the allegations included charges that the company’s distributors were overstocked with inventory of certain products and that demand for Logitech items in European, Middle Eastern and African markets was significantly below expectations.
At the end of March, Logitech surprised shareholders and analysts with a warning of a drop in profits for 2010-2011.
Since then, the company’s share price has dropped more than 30 per cent in the US and more than 20 per cent on the Swiss stock market.
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