Faruqi and Faruqui, LLP Logo
Share this page

Quadrant 4 Systems (QFOR)

OTC:QFOR

Summary

Faruqi & Faruqi, LLP Encourages Investors Who Suffered Losses Exceeding $50,000 In Quadrant 4 System Corp. To Contact The Firm

Faruqi & Faruqi, LLP, a leading national securities law firm, reminds investors in Quadrant 4 Systems (“Quadrant” or the “Company”) (OTC: QFOR) of the September 5, 2017 deadline to seek the role of lead plaintiff in a federal securities class action that has been filed against the Company.

If you invested in Quadrant stock or options between August 14, 2012 and June 30, 2017 and would like to discuss your legal rights, please fill out the form below. There is no cost or obligation to you.  You can also contact us by calling Richard Gonnello toll free at 877-247-4292 or at 212-983-9330 or by sending an e-mail to rgonnello@faruqilaw.com. 

The lawsuit has been filed in the U.S. District Court for the District of New Jersey on behalf of all those who purchased Quadrant securities between July 31, 2014 and June 15, 2015 (the “Class Period”).  The case, Brown v. Thondavadi, et al No. 3:17-cv-04908 was filed on July 5, 2017.

The lawsuit focuses on whether the Company and its executives violated federal securities laws by failing to disclose that: (1) defendant Nandu Thondavadi, former CEO of Quadrant and defendant Dhru Desai, former CFO of Quadrant, engaged in an accounting fraud scheme that misled investors; (2) defendants Thondavadi and Desai stole more than $4 million from Quadrant; (3) defendants Thondavadi and Desai caused Quadrant to understate its liabilities and inflate its revenues and assets and evaded scrutiny by lying to Quadrant’s auditors and providing them with forged and doctored documents; and (4) as a result, defendants' public statements were materially false and misleading at all relevant times. When the true details entered the market, the lawsuit claims that investors suffered damages.

Specifically, On November 30, 2016, the Department of Justice announced that defendant Thondavadi had been charged for misrepresenting the company’s financial condition.

After the announcement, Quadrant’s share price fell from $0.15 per share on November 30, 2016 to a closing price of $0.03 on December 1, 2016—a $0.12 or a 80% drop.

Request Information

Please tell us about yourself by completing the form and we will provide you with additional
information on how to join the Class Action at no cost to you.

  • Case:
    Quadrant 4 Systems (QFOR)
  •    

* The submission of this form does not create an attorney-client relationship.

Contact Counsel

Richard W. Gonnello
Faruqi & Faruqi, LLP
685 Third Avenue 26th Floor
New York, NY 10017
Tel: (212) 983-9330

Email:

Case Details

Date:

  • 06/30/2017

Send Information

If you have information regarding this case that you would like to make available, please click here to contact us about our investigation.