15/03/2019 00:14:50

Deadline Reminder: The Law Offices of Howard G. Smith Reminds Investors of Looming Deadline in the Class Action Lawsuit Against Revolution Lighting Technologies, Inc. (RVLT)

BENSALEM, Pa., March 14, 2019 (GLOBE NEWSWIRE) -- Law Offices of Howard G. Smith reminds investors of the April 1, 2019 deadline to file a lead plaintiff motion in the class action filed on behalf of investors that purchased Revolution Lighting Technologies, Inc. (“Revolution” or the “Company”) (NASDAQ: RVLT) securities between March 14, 2014, and November 14, 2018, inclusive (the “Class Period”) Revolution investors have until April 1, 2019 to file a lead plaintiff motion.

Investors suffering losses on their Revolution investments are encouraged to contact the Law Offices of Howard G. Smith to discuss their legal rights in this class action at 888-638-4847 or by email to howardsmith@howardsmithlaw.com.

On October 17, 2018, Revolution announced that revenue for the third quarter of 2018 would be $33 million, compared to previous guidance of $40-$41 million, and that the Chief Executive Officer had offered to acquire all of the Company’s common stock at a price of $2.00 per share. On this news, the Company’s stock price fell $0.98 per share, or over 38%, to close at $1.58 per share on October 17, 2018, on unusually heavy trading volume, thereby injuring investors.

Then, on October 19, 2018, the Company disclosed an ongoing SEC investigation regarding revenue recognized from transactions between 2014 through the second quarter of 2018. The Company estimated that the net effect on the reported revenue based on shipment of products, as opposed to the Company’s policy of bill and hold revenue recognition, “would have been to reduce revenue by $5.0 million, $6.3 million and $6.3 million in each of 2014, 2015 and 2016, respectively, and increase revenue by $11.6 million and $5.1 million in 2017 and 2018, respectively.”

On this news, the Company’s stock price fell $0.16 per share, or over 10%, to close at $1.43 per share on October 22, 2018, on unusually heavy trading volume, thereby further injuring investors.

The complaint filed in this class action alleges that throughout the Class Period, Defendants made false and/or misleading statements, as well as failed to disclose material adverse facts about the Company’s business, operations, and prospects. Specifically, Defendants made false and/or misleading statements and/or failed 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 were materially misleading and/or lacked a reasonable basis.

If you purchased shares of Revolution during the Class Period you may move the Court no later than April 1, 2019 to ask the Court to appoint you as lead plaintiff if you meet certain legal requirements. To be a member of the Class you need not take any action at this time; you may retain counsel of your choice or take no action and remain an absent member of the Class. If you wish to learn more about this action, or if you have any questions concerning this announcement or your rights or interests with respect to these matters, please contact  Howard G. Smith, Esquire, of Law Offices of Howard G. Smith, 3070 Bristol Pike, Suite 112, Bensalem, Pennsylvania 19020 by telephone at (215) 638-4847, toll-free at (888) 638-4847, or by email to howardsmith@howardsmithlaw.com, or visit our website at www.howardsmithlaw.com.

This press release may be considered Attorney Advertising in some jurisdictions under the applicable law and ethical rules.

Contacts

Law Offices of Howard G. Smith

Howard G. Smith, Esquire

215-638-4847

888-638-4847

howardsmith@howardsmithlaw.com

www.howardsmithlaw.com

Del

Post comment

Related debate

  • 1 week
  • 1 month
  • 1 Year
15 May
DANSKE
Meget interessant refleksion skrevet af Maui. Det kan vores medier godt lære lidt af. Det der kommer..
25
18 May
OMXC25
Et stort flertal af klimaforskerne mener klimaændringerne er menneskeskabte. Dvs. de uddannede perso..
22
15 May
PNDORA
I gaar aftes sad jeg og kiggede lidt naermere paa guidance fra Pandora for FY2019, som de meldte ud ..
22
14 May
E:THIN
Så sidder jeg her og glor på mit depot. Thinfilm falder ekstra meget i øjnene med afkast på minus 96..
20
18 May
VWS
Ditlev.. Havde store ambitioner, og store armbevægelser .. Ikke alt gik godt.. Men finanskrisen kan..
16
18 May
OMXC25
Når man begynder at bruge børn som Greta Thunberg for at fremhæve et budskab ringer advarselsklokker..
16
17 May
VELO
Hej Alle,   Har siddet og kigget på regnskabet, for at finde ud af hvordan 2019 ender. Umiddelbart e..
16
15 May
DANSKE
Apropos skribent 6212.. Og Danske Bank..Ja så må man lade vedkommende at han/hun fik ret. Han anbefa..
16
14 May
DANSKE
Sjovt at der ikke er nogen kritik af SKATs manglende kontrolindsats i forbindelse med momssvindlen, ..
16
18 May
ZEAL
Nedenfor er det samlet udskift af Q1 telefonkonferencen for Zealand Pharma.    Jeg har først trukket..
15

#

EuroInvestor: In Focus
#

#

EuroInvestor: In Focus
#

#

EuroInvestor: In Focus
#

Most read news

  • 24 hours
  • 48 hours
  • 1 week
1
FDA and Infant Bacterial Therapeutics agree on the design of Phase III study
2
New Report Shows CRC Screening Rates Increased When a Medically Underserved Population is Offered Epi proColon® Blood Test
3
PRF: Consolidated Unaudited Interim Report of AS PRFoods for 3rd quarter and 9 months of 2018/2019 financial year
4
ESPERITE (ESP) announces listing measure by Euronext due to delay in publication of its 2018 annual report (as announced on 30 April 2019)
5
Eimskip: Letter from Gylfi Sigfússon´s attorney concerning District Prosecutor‘s investigation

Latest news


Copyright Berlingske Media 2019  Cookie- and Privacy policy  |  Cookies  |   General terms of trade  |   Terms of use and IP rights
Quote information is delivered by Morningstar.
Data is delayed 15-20 minutes according to the distribution agreements set by the different exchanges.
 
20 May 2019 06:30:42
(UTC+00:00) Dublin, Edinburgh, Lisbon, London
Version: LiveBranchBuild_20190514.2 - EUROWEB5 - 2019-05-20 07:30:42 - 2019-05-20 06:30:42 - 1000 - Website: OKAY