San Diego, CA -- (SBWIRE) -- 10/21/2016 -- The Shareholders Foundation announced that a deadline is coming up on November 1, 2016 in the settlement reached in the securities class action lawsuit filed on behalf of investors who purchased shares of Castlight Health Inc (NYSE:CSLT) between March 14, 2014 IPO and September 10, 2014.

Investors who purchased a significant amount of shares of Castlight Health Inc (NYSE:CSLT) between March 14, 2014 IPO and September 10, 2014, have certain options and should contact the Shareholders Foundation by email at mail@shareholdersfoundation.com or call 858-779-1554.

The settlement proof of claim form or detailed settlement notice for the settlement in the Castlight Health Inc (NYSE:CSLT) Investor Securities Class Action Lawsuit can be downloaded at: http://shareholdersfoundation.com/case/castlight-health-inc-nyse-cslt-investor-securities-class-action-lawsuit-04022015

In order to submit a claim an investor has to submit the claim proof to the class action claim administrator in a timely manner. The deadline to submit the proof with the class administrator is November 1, 2016. The class action administrator for this case is Gilardi & Co LLC.

The lawsuit was filed over alleged violations of Federal Securities Laws by Castlight Health Inc in connection with certain allegedly false and misleading statements. 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. 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.

Those who purchased shares of Castlight Health Inc have certain options and should contact the Shareholders Foundation.

Contact:
Shareholders Foundation, Inc.
Michael Daniels
3111 Camino Del Rio North - Suite 423
92108 San Diego
Phone: +1-(858)-779-1554
Fax: +1-(858)-605-5739
mail@shareholdersfoundation.com