Publicly available records indicate that a class action lawsuit has been filed on behalf of investors in Quadrant 4 System Corporation (OTC:QFOR) in connection to alleged violations of securities laws by QFOR. Fitapelli Kurta is interested in hearing from investors who have complaints regarding investments made in Quadrant 4 System Corporation between August 14, 2012 and June 30, 2017.
The class action complaint specifically alleges that during the period in question, QFOR might have provided false and/or misleading material information, and/or failed to disclose adverse material information to the public, namely: that the company’s former CEO and its former CFO, Nandu Thondavadi Dhru Desai, had participated in a scheme to mislead investors through fraudulent accounting; that the two former officers stole funds exceeding $4 million from the company; that their activities caused the company to avoid regulatory scrutiny by lying to auditors, giving auditors falsified records, inflating revenues and understating liabilities; and that consequently the company’s statements to the public during the relevant period were false and misleading. When true facts came to light, according to the lawsuit, investors in QFOR suffered damages.
According to the company’s website, Quadrant 4 Systems Corporation “empowers digital transformation in healthcare and education.” The company’s description continues: “We deliver robust Software-as-a-Service (SaaS) platforms and highly specialized professional services to these critical sectors shaping our lives. Our highly scalable vertical cloud platforms coupled with our global professional services organization provide our clients with a competitive advantage in the marketplace.”
A class action lawsuit has already been filed in connection Quadrant 4 System Corporation. If you wish to serve as lead plaintiff in the QFOR lawsuit, you must move the Court no later than September 5, 2017. If you wish to join the litigation, please contact Marc Fitapelli at 212-658-1501 or Jonathan Kurta at 212-658-1502. There is no cost or obligation to you and your ability to share in any recovery does not require that you serve as a lead plaintiff.