Robbins Arroyo LLP: Revolution Lighting Technologies, Inc. (RVLT) Sued for Misleading Shareholders
SAN DIEGO & STAMFORD, Conn.--(BUSINESS WIRE)--Feb 15, 2019--Shareholder rights law firm Robbins Arroyo LLP announces that purchasers of Revolution Lighting Technologies, Inc. (NasdaqCM: RVLT) filed a class action complaint against the company for alleged violations of the Securities and Exchange Act of 1934 between March 14, 2014 and November 14, 2018. Revolution sells light-emitting diode lighting solutions focusing on the industrial, commercial, and government markets in the United States and internationally.
View this information on the law firm’s Shareholder Rights Blog: https://www.robbinsarroyo.com/revolution-lighting-tech/
Revolution Accused of Improperly Recognizing Revenue
According to the complaint, on October 17, 2018, Revolution began to report dismal financial results, anticipating revenue of $33 million—significantly less than previously announced guidance of $40-$41 million. Two days later, Revolution disclosed that the U.S. Securities and Exchange Commission (“SEC”) was investigating the company’s revenue recognition practices. Finally, on November 14, 2018, Revolution announced that its Transaction Committee was considering an updated proposal from Chief Executive Officer Robert LaPenta to acquire all of the company’s outstanding stock for $1.50 per share, citing the SEC investigation as a reason for taking the company private. Since news of Revolution’s troubles began to be made public, the company’s stock has plummeted 73% to close at $0.69 per share on January 31, 2019.
Revolution Shareholders Have Legal Options
Concerned shareholders who would like more information about their rights and potential remedies can contact attorney Leo Kandinov at (800) 350-6003, LKandinov@robbinsarroyo.com, or via the shareholder information form on the firm’s website.
Robbins Arroyo LLP is a nationally recognized leader in shareholder rights law. The firm represents individual and institutional investors in shareholder derivative and securities class action lawsuits, and has helped its clients realize more than $1 billion of value for themselves and the companies in which they have invested.
Attorney Advertising. Past results do not guarantee a similar outcome.
View source version on businesswire.com:https://www.businesswire.com/news/home/20190215005517/en/
CONTACT: Leo Kandinov
Robbins Arroyo LLP
5040 Shoreham Place
San Diego, CA 92122
(619) 525-3990 or Toll Free (800) 350-6003
KEYWORD: UNITED STATES NORTH AMERICA CALIFORNIA CONNECTICUT
INDUSTRY KEYWORD: PROFESSIONAL SERVICES LEGAL
SOURCE: Robbins Arroyo LLP
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PUB: 02/15/2019 02:08 PM/DISC: 02/15/2019 02:08 PM