SAN DIEGO, CA / ACCESSWIRE / November 5, 2018 / The Shareholders Foundation, Inc. announces that a lawsuit was filed by a current investor in shares of Vuzix Corporation (VUZI) against certain directors of Vuzix Corporation over alleged breaches of fiduciary duties.
Investors, who purchased shares of Vuzix Corporation (VUZI) in 2016 or earlier and continue to hold any NASDAQ: VUZI shares, have certain options and should contact the Shareholders Foundation at firstname.lastname@example.org or call +1(858) 779 - 1554.
The plaintiff alleges that the defendants breached their fiduciary duties by approving and/or causing Vuzix Corporation to allegedly engage in an illicit stock promotion scheme for the purpose of inflating the price of Vuzix shares in anticipation of the January 2018 secondary public offering ("SPO"), by allegedly failing to exercise their oversight duties by not monitoring the Company's compliance with Company procedures and federal and state regulations, and by allegedly making and/or causing the Company to make false and misleading statements and/or material omissions.
In March of 2018, a series of posts were published alleging that the Company unlawfully used certain stock promotion tactics to boost Vuzix's share price in anticipation of a secondary public offering of its shares at $10 per share. The posts claimed that Vuzix Corporation used an undisclosed stock promotion involving dozens of mainstream media outlets to allegedly artificially inflate the share price and volume, that one of the Company's main products, Vuzix Blade, was little more than a "low tech mock-up" that did not actually function, and that one of the stock promoters Vuzix used had a substantial history of involvement in fraudulent stock promotion schemes.
Investors, who purchased shares of Vuzix Corporation (VUZI) in 2016 or earlier and continue to hold any NASDAQ: VUZI shares, have certain options and should contact the Shareholders Foundation
Shareholders Foundation, Inc.
+1 (858) 779-1554
3111 Camino Del Rio North
San Diego, CA 92108
The Shareholders Foundation, Inc. is a professional portfolio legal monitoring and a settlement claim filing service, which does research related to shareholder issues and informs investors of securities class actions, settlements, judgments, and other legal related news to the stock/financial market. The Shareholders Foundation, Inc. is not a law firm. Any referenced cases, investigations, and/or settlements are not filed/initiated/reached and/or are not related to Shareholders Foundation. The information is provided as a public service. It is not intended as legal advice and should not be relied upon.
SOURCE: Shareholders Foundation, Inc.