NEW YORK, Feb. 28, 2020 /PRNewswire/ -- WeissLaw LLP, a national class action and shareholders' rights law firm with offices in New York, California and Georgia, announces an investigation of Qurate International, Inc. (NYSE: QRTEA, QRTEB) ("Qurate," or the "Company").
If you own QRTEA and/or QRTEB shares and wish to discuss this investigation or have any questions concerning this notice or your rights or interests, visit our website:
Or please contact:
Joshua Rubin, Esq.
1500 Broadway, 16th Floor
New York, NY 10036
The investigation focuses on possible breaches of fiduciary duty and violations of federal securities laws by Qurate's Board of Directors. Notably, the Company recently announced that it identified certain material weakness and deficiencies in internal control over its financial reports. As a result, Qurate explained that inaccuracies in its annual and interim consolidated financial statement could not be prevented. The Company's issues with internal controls were first disclosed in the annual report for the year ended December 31, 2018, and have remained unremediated since.
Following the announcement on February 26, QRTEA and QRTEB shares nosedived, with QRTEA shares trading for as low as $6.33 from their opening price of $10.00 and QRTEB shares traded for closing the day at $6.40, down $2.81 from their opening price of $9.21.
WeissLaw is investigating whether Qurate's Board breached its fiduciary duties to the Company and its shareholders by failing to implement and maintain an effective system of internal controls over its financial reporting process.
WeissLaw LLP has litigated hundreds of stockholder class and derivative actions for violations of corporate and fiduciary duties. We have recovered over a billion dollars for defrauded clients and obtained important corporate governance relief in many of these cases. If you have information or would like legal advice concerning possible corporate wrongdoing (including insider trading, waste of corporate assets, accounting fraud, or materially misleading information), consumer fraud (including false advertising, defective products, or other deceptive business practices), or anti-trust violations, please email us at firstname.lastname@example.org.
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SOURCE WeissLaw LLP