Unsurprisingly, a New York law firm has filed the first class-action lawsuit alleging that Microsoft misled investors over the state of its Surface with Windows RT tablet.
Robbins Geller Rudman & Dowd LLP claims that Microsoft made “false and misleading” statements about its financial performance and the Surface RT tablet between April 18, 2013 and July 18, 2013. During that time, the firm alleges, Microsoft knew that the Surface RT was experiencing poor customer demand and lackluster sales, and that it had materially declined in value.
Microsoft couldn’t be reached for comment at press time.
What Robbins Geller and its clients obviously found most objectionable, however, was the fact that Microsoft’s stock tanked as a result. Microsoft’s stock has dropped slightly more than 9 percent dating back before its earnings report, and the share price has only risen slightly since then.
Robbins Geller says it represents U.S. and international institutional investors in contingency-based securities and corporate litigation, so the firm undoubtedly has a stake in ensuring Microsoft pays up.
Whenever the stock drops unexpectedly, lawyers start climbing out of the woodwork. Investors who feel wronged can join the class action at the Robbins Geller website.