What a nightmare the Surface RT is proving to be for Microsoft. Piddling demand for the tablet forced the company to take an ugly $900 million charge for inventory adjustments in its fiscal fourth quarter. And now a class action lawsuit has been brought against it, alleging it hid poor Surface RT sales from investors.
Filed by Robbins, Geller, Rudman, & Dowd in Massachusetts district court, the complaint accuses Microsoft of materially misrepresenting the true financial effect that Surface RT has had on its business by failing to alert shareholders to the excess Surface inventory it had amassed by the end of its March quarter. That failure, it argues, is a violation of not just the generally accepted accounting principles by which Microsoft abides, but of SEC rules and regulations as well.
“What Defendants knew, but....Read the rest of this post ------->
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