San Diego, CA -- (SBWIRE) -- 04/28/2014 -- An investor, who purchased shares of Growlife Inc (OTCBB:PHOT), filed a lawsuit in the U.S. District Court for the District Court for the Central District of California over alleged violations of Federal Securities Laws by Growlife Inc in connection with certain allegedly false and misleading statements made between November 14, 2013 and April 9, 2014
If you purchased shares of Growlife Inc (OTCBB:PHOT), you have certain options and for certain investors are short and strict deadlines running. Deadline: June 17, 2014. Growlife Inc (OTCBB:PHOT investors should contact the Shareholders Foundation at email@example.com or call +1(858) 779 - 1554
According to the complaint the plaintiff alleges on behalf of all persons or entities who purchased or otherwise acquired securities of Growlife Inc (OTCBB:PHOT) between November 14, 2013 and April 9, 2014, that Growlife Inc violated Federal Securities Laws pursuant to Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 and Rule 10b-5 promulgated thereunder.
More specifically, the plaintiff claims that between November 14, 2013 and April 9, 2014 Growlife Inc issued allegedly materially false and misleading statements about its true financial condition.
Growlife Inc reported that its annual Total Revenue rose from $0.95 million in 2011 to $1.45 million in 2012 while its Net Loss increased from $0.40 million in 2011 to $2.19 million in 2012. Shares of Growlife Inc (OTCBB:PHOT) grew from $0.03 per share in August 2012 to as high as $0.777 per share in March 2014.
Then on April 10, 2014, the Securities and Exchange Commission (“SEC”) temporarily suspended trading of GrowLife securities for 10 market days. The SEC said that it was suspending the trading because of concerns regarding the accuracy and adequacy of information.
Those who purchased shares of Growlife Inc (OTCBB:PHOT) have certain options and should contact the Shareholders Foundation.
Shareholders Foundation, Inc.
3111 Camino Del Rio North - Suite 423
92108 San Diego