A lawsuit was filed on behalf of investors in Castlight Health Inc (NYSE:CSLT) shares over alleged securities laws violations and NYSE:CSLT investors should contact the Shareholders Foundation.
San Diego, CA -- (SBWIRE) -- 04/20/2015 -- An investor, who purchased shares of Castlight Health Inc (NYSE:CSLT), filed a lawsuit over alleged violations of Federal Securities Laws by Castlight Health in connection with certain allegedly false and misleading statements.
Investors who purchased shares of Castlight Health Inc (NYSE:CSLT) have certain options and for certain investors are short and strict deadlines running. NYSE:CSLT investors should contact the Shareholders Foundation at firstname.lastname@example.org or call +1(858) 779 - 1554.
According to the complaint the plaintiff alleges on behalf of certain purchasers of Castlight Health Inc (NYSE:CSLT) that the defendants violated Federal Securities Laws.
Castlight Health Inc reported that its annual Total Revenue increased from $4.15 million in 2012 to $12.97 million in 2013. Castlight Health Inc went public in March 2014. Shares reached $40 per share on its first day of trading.
Among other things, the plaintiff claims that the registration statement in connection with the company's IPO in March 2014 was negligently prepared and, as a result, contained untrue statement of material facts or omitted to state other facts necessary to make the statements made not misleading and was not prepared in accordance with the rules and regulations governing its preparation.
The plaintiff says that The Registration Statement stated that "[a]s of December 31, 2013, we had 106 signed customers, including 48 customers that had implemented our offering, which we refer to as launched customers." Concerning "backlog," the Registration Statement stated: "Our total backlog, which we define as including cancellable and non -cancellable portions of our customer agreements for which we have not yet billed, was $ 108. 7 million as of December 31, 2013, compared to $ 44.0 million as of December 31, 2012." The plaintiff claims that these statements were materially false and misleading because they failed to disclose that the Company' s backlog was growing because of implementation delays which reflected significant obstacles to scalability.
On February 18, 2015, Castlight Health Inc announced its fourth quarter and full year 2014 results.
Castlight Health Inc reported that its while its annual Total Revenue increased from $12.97 million in 2013 to $45.60 million in 2014 its Net loss of $62.18 million in 2013 increased to $85.94 million in 2014. Additionally, Castlight Health Inc issued its guidance for its first quarter 2015 and fuly year 2015. Shares of Castlight Health Inc (NYSE:CSLT) declined to as low as $6.52 per share on February 19, 2015.
Those who purchased shares of Castlight Health Inc (NYSE:CSLT) have certain options and should contact the Shareholders Foundation.
Shareholders Foundation, Inc.
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