A securities class action has been filed against Quantum Corporation (QMCO) on behalf of persons or entities who purchased or otherwise acquired publicly traded Quantum Corporation securities between November 15, 2024 through August 18, 2025. This case has been filed in the USDC – CO.
On August 18, 2025, Quantum Corporation announced that Lewis Moorehead, the company’s chief financial officer, had resigned amid an internal accounting review related to its revenue recognition practices. On this news, Quantum’s stock price fell $0.61 per share, or 8.2%, to close at $6.83 per share on August 19, 2025.
The complaint alleges that company made materially false and misleading statements regarding the company’s financial condition and revenue recognition practices. The company improperly recognized revenue, which resulted in the need to restate financial statements for the fiscal third quarter of 2024. Senior officers, were aware or recklessly disregarded these issues, impacting the integrity of the company’s financial reporting.