SAN DIEGO, May 4, 2018 /PRNewswire/ -- Johnson Fistel, LLP is investigating potential violations of the federal and state securities laws by Power Solutions International, Inc., (PSIX) ("Power Solutions") and certain of its officers.
A Securities Class Action Complaint was filed on behalf of those who purchased securities of Power Solutions between February 27, 2014 and February 2, 2017. According to the lawsuit, defendants throughout the Class Period made false and misleading statements and failed to disclose that: (1) Power Solutions inappropriately recognized revenue for certain transactions; (2) Power Solutions lacked adequate internal controls over financial reporting; and (3) as a result, Power Solutions' public statements were materially false and misleading at all relevant times.
Power Solutions was delisted from the NASDAQ Stock Market in connection with the Company's non-compliance with Securities and Exchange Act ("SEC") filing requirements. The delisting was triggered when on August 15, 2016; Power Solutions disclosed that it needed additional time to file its Form 10-Q for the quarter ending June 30, 2016, with the SEC, due to revenue recognition issues.
If you have held Power Solutions shares continuously before March 2014, you may have the standing to hold Power Solutions harmless from the damage the officers and directors caused by making them personally responsible. You may also be able to assist in reforming the Company's corporate governance to prevent future wrongdoing.
If you are a Power Solutions shareholder continuously holding shares before March 2014 and are interested in learning more about your legal rights and remedies, please contact Jim Baker (email@example.com) at 619-814-4471. If you email, please include your phone number.
About Johnson Fistel, LLP:
Johnson Fistel, LLP is a nationally recognized shareholder rights law firm with offices in California, New York and Georgia. The firm represents individual and institutional investors in shareholder derivative and securities class action lawsuits. For more information about the firm and its attorneys, please visit http://www.johnsonfistel.com. Attorney advertising. Past results do not guarantee future outcomes.
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