NEW YORK, NY / ACCESSWIRE / April 1, 2019 / Faruqi & Faruqi, LLP, a leading national securities law firm, reminds investors in Revolution Lighting Technologies, Inc. ("Revolution Lighting" or the "Company") (RVLT) of the April 1, 2019 deadline to seek the role of lead plaintiff in a federal securities class action that has been filed against the Company.
If you invested in Revolution Lighting stock or options between March 14, 2014 and November 14, 2018 and would like to discuss your legal rights, click here: www.faruqilaw.com/RVLT. There is no cost or obligation to you.
You can also contact us by calling Richard Gonnello toll free at877-247-4292 or at 212-983-9330 or by sending an e-mail email@example.com.
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Attn: Richard Gonnello, Esq.
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The lawsuit has been filed in the U.S. District Court for the Southern District of New York on behalf of all those who purchased Revolution Lighting securities between March 14, 2014 and November 14, 2018 (the "Class Period"). The case, Glavanv. Revolution Lighting Technologies, Inc. et al., No. 19-cv-00980 was filed on January 31, 2019.
The lawsuit focuses on whether the Company and its executives violated federal securities laws by making false and/or misleading statements and/or failing to disclose: (1) that the Company was improperly recognizing revenue for certain transactions; (2) that, as a result, the Company's financial statements were misstated; (3) that the Company lacked adequate internal controls over financial reporting; (4) that, as a result, Company would be subject to regulatory scrutiny and incur substantial costs; and (5) that, as a result of the foregoing, Defendants' positive statements about the Company's business, operations, and prospects and prospects were materially misleading and/or lacked a reasonable basis.
Specifically, on October 17, 2018, the Company reported preliminary financial results for third quarter 2018 with revenue expected to be $33 million, compared to previously-announced guidance of $40-$41 million. The Company also announced that its CEO had offered to acquire all of the common stock of the Company for a price of $2.00 per share.
On this news, the Company's stock price fell from $2.56 per share on October 16, 2018 to $1.58 per share on October 17, 2018--a $0.98 or 38.28% drop.
Then, on October 19, 2018, the Company disclosed "an ongoing investigation by the SEC regarding certain revenue recognition practices, including bill and hold transactions that occurred between 2014 through the second quarter of 2018."
On this news, the Company's stock price fell from $1.59 per share on October 19, 2018 to $1.43 per share on October 22, 2018--a $0.16 or 10.04% drop.
Then, on November 13, 2018, the Company filed a Notice of Late Filing on Form 12b25 with the SEC. Therein, the Company stated that it was unable to file its quarterly report for the period ended September 30, 2018 due to a review by the Company's Audit Committee of the previously filed financial statements, and the Company provided detail regarding the incorrect recognition of revenue.
On this news, the Company's stock price fell from $1.40 per share on November 14, 2018 to $0.85 per share on November 15, 2018--a $0.55 or 39.29% drop.
The court-appointed lead plaintiff is the investor with the largest financial interest in the relief sought by the class who is adequate and typical of class members who directs and oversees the litigation on behalf of the putative class. Any member of the putative class may move the Court to serve as lead plaintiff through counsel of their choice, or may choose to do nothing and remain an absent class member. Your ability to share in any recovery is not affected by the decision to serve as a lead plaintiff or not.
Faruqi & Faruqi, LLP also encourages anyone with information regarding Revolution Lighting's conduct to contact the firm, including whistleblowers, former employees, shareholders and others.
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SOURCE: Faruqi & Faruqi, LLP
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