New York, New York (PRWEB) March 16, 2013
Zamansky & Associates LLC announces that it has commenced an investigation over the RadioShack Corporation (“Radioshack”) Employee Retirement and 401(k) Plan. According to the Plan’s Annual Report filed with the SEC on June 30, 2012, available at http://www.sec.gov, there was $39 million invested in RadioShack’s stock in 2011, fell to $12 million.
The investigation concerns whether there were violations of the Employee Retirement Income Security Act (“ERISA”). ERISA imposes fiduciary duties on companies to prudently manage and invest plan assets including offerings of company stock.
RadioShack employees who invested in stock under the Plan should be very concerned, according to Jake Zamansky. On July 12, 2012, Bloomberg News issued an article “RadioShack Tracks Kodak With 80% Default Odds: Corporate Finance,” reporting that RadioShack’s credit default swaps traded at prices implying that there was a greater than 80% chance that it would file for bankruptcy within five years. On July 24, 2012, a securities fraud class action lawsuit was filed against the Company in Fidel v. RadioShack Corporation, in the U.S. District Court, Southern District of New York, No. 12-CV-58255, alleging that management made material misrepresentations about the Company’s earnings.
What Former or Current RadioShack Employees Can Do
If you are a RadioShack employee or former employee and would like to discuss your legal rights, you may, without obligation or cost to you, email jake(at)zamansky(dot)com or call the law firm at (212) 742-1414.
About Zamansky & Associates
Zamansky & Associates LLC is one of the leading law firms specializing in securities fraud and financial services arbitration and class action litigation. We represent both individual and institutional investors. Our practice is nationally recognized for our ability to aggressively prosecute cases and recover losses.
To learn more about Zamansky, please visit our website, http://www.zamansky.com.
Zamansky & Associates, LLC
50 Broadway - 32nd Floor
New York, NY 10004
Jake Zamansky, 212-742-1414