The firm is investigating a derivative case against Volt is a New York corporation with its principal executive offices in NY, NY. It provides staffing services and telecommunications and information services. Most of its revenue comes from temporary and permanent employee placement to 10,000 clients throughout world.
Volt’s advertisements (at least as of 2/2009) suggest that the company engages in an illegal (but common) industry-wide practice known as per diem splitting, where portions of the hourly wage are disguised as non-taxable per diem allotments, making the compensation and per diem offerings more attractive to contract workers. This arrangement would cause improper accounting, and allows Volt to escape a portion of their expense liabilities for FICA, State and Federal Insurances, Social Security, and Medicare payments. In September 2009 Volt announced they could not file their 3rd quarter results due to reevaluation of revenue recognition and other accounting issues – they continue to put off filing a financial statement (almost two years) – and it seems the per diem issue has something to do with this.
If you are a current shareholder and would like to discuss your options of exercising your rights as a shareholder, which include ensuring that the company is getting the highest possible price for the company, and that the board of directors will act in the best interest of the shareholders, please contact us.
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