SAN FRANCISCO, Jan. 04, 2020 (GLOBE NEWSWIRE) -- Hagens Berman urges Resideo Technologies, Inc. (REZI) investors who have suffered significant losses to submit their loss now to learn if they qualify to recover compensable damages. Only three days remain until the January 7, 2020 lead plaintiff deadline in a securities fraud class action that has been filed against the company and senior executives.
Resideo Technologies (REZI) Securities Class Action:
The complaint alleges Defendants misled investors by making false and misleading statements and omitting adverse information about Resideo’s business and prospects after the company was spun off from Honeywell.
Specifically, the complaint alleges that Defendants concealed the spinoff’s negative operational effects, including problems with the company’s product sales, supply chain, and gross margins.
On October 22, Resideo announced disappointing preliminary financial results for Q3 2019, reduced guidance, and CFO Joseph D. Ragan’s termination.
This news sent the price of Resideo shares down $5.73, or down over 40%, on October 23, 2019.
On Dec. 3, 2019, REZI announced that President and CEO, Mike Nefkens will step down. While Nefkens will continue in this position until his successor is appointed, at that time Nefkens will also step down from the Board of Directors.
If you invested in Resideo Technologies between Oct. 10, 2018 and Oct. 22, 2019 (the “Class Period”) and suffered significant losses, you may qualify to be a lead plaintiff – one who selects and oversees the attorneys prosecuting the case. Contact Hagens Berman immediately for more information about the case and being a lead plaintiff.
“We’re focused on recovering investors’ losses and holding Resideo and its senior management accountable for concealing operational problems caused by the spinoff,” said Reed Kathrein, the Hagens Berman partner leading the investigation.
If you purchased shares of Resideo during the Class Period and suffered significant losses, click here to discuss your legal rights with Hagens Berman.
Whistleblowers: Persons with non-public information regarding Resideo Technologies should consider their options to help in the investigation or take advantage of the SEC Whistleblower program. Under the new program, whistleblowers who provide original information may receive rewards totaling up to 30 percent of any successful recovery made by the SEC. For more information, call Reed Kathrein at 844-916-0895 or email REZI@hbsslaw.com.
About Hagens Berman
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Reed Kathrein, 844-916-0895