"Defendants knew or recklessly ignored, that the market value of Microsoft's Surface RT inventory had declined precipitously and that the Company, pursuant to applicable accounting rules, was required to write-down the value of its Surface RT inventory during the quarter ended March 31, 2013," the complaint stated.
After Microsoft's July 18 notice that it had taken a $900 million write-off, the company's share price plunged by 11.4 percent in next-day trading. The stock has not yet recovered: As of 3 p.m. Eastern time today, Microsoft shares were still selling for 8.6 percent less than they were at the close of trading July 18.
The class, if certified by the court, would be made up of stockholders who purchased Microsoft shares between April 18 and July 18, inclusive.
Several law firms were listed on the complaint, which was filed with a Massachusetts federal court. They include Robbins Geller Rudman & Dowd LLP in San Diego and Hutchings Barsamian Mandelcorn & Zeytoonian LLP in Wellesley Hills, Mass.
Microsoft declined to comment today when asked to respond to the complaint.
Gregg Keizer covers Microsoft, security issues, Apple, Web browsers and general technology breaking news for Computerworld. Follow Gregg on Twitter, at @gkeizer, and on Google+, or subscribe to Gregg's RSS feed. His email address is firstname.lastname@example.org.
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