August 5, 2013 (Shareholders Foundation) - An investigation on behalf of investors, who purchased shares of International Business Machines Corp. (NYSE:IBM) in 2007 or earlier and currently hold any of those NYSE:IBM shares, was initiated concerning whether certain IBM directors and officers breached their fiduciary duties in connection with certain statements.
The investigation by a law firm focuses on whether certain International Business Machines Corp. officers and directors breached their fiduciary duties and caused damage to the company and its shareholders by failing to implement adequate internal controls.
International Business Machines Corp. reported that its annual Total Revenue declined from over $106.91 billion in 2011 to over $104.5 billion in 2012 and that its respective Net Income rose from over $15.85 billion in 2011 to over $16.6 billion in 2012.
Shares of IBM (NYSE:IBM) grew from $80.33 per share in Nov, 2008 to as high as $214.92 per share in March 2013.
On July 31, 2013, International Business Machines Corp. (NYSE:IBM) announced its second quarter financial results. Among other things, IBM said that in May 2013, it learned that the Securities and Exchange Commission is conducting an investigation into how IBM reports cloud revenue.
Shares of International Business Machines Corp. (NYSE:IBM) closed on August 1, 2013, at $195.50 per share.