A lawsuit was filed on behalf of investors in Revolution Lighting Technologies, Inc. (NASDAQ: RVLT) shares over alleged securities laws violations.
San Diego, CA -- (SBWIRE) -- 02/11/2019 -- An investor, who purchased shares of Revolution Lighting Technologies, Inc. (NASDAQ: RVLT), filed a lawsuit over alleged Securities Laws violations by Revolution Lighting Technologies, Inc. in connection with certain allegedly misleading statements.
Investors who purchased shares of Revolution Lighting Technologies, Inc. (NASDAQ: RVLT) have certain options and for certain investors are short and strict deadlines running. Deadline: April 1, 2019. NASDAQ: RVLT investors should contact the Shareholders Foundation at firstname.lastname@example.org or call +1(858) 779 - 1554.
Stamford, CT based Revolution Lighting Technologies, Inc. designs, manufactures, markets, and sells light-emitting diode (LED) lighting solutions focusing on the industrial, commercial, and government markets in the United States, Canada, and internationally. 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."
The plaintiff claims that between March 14, 2014, and November 14, 2018, the defendants made false and/or misleading statements and/or failed to disclose that the Company was improperly recognizing revenue for certain transactions, that, as a result, the Company's financial statements were misstated, that the Company lacked adequate internal controls over financial reporting, that, as a result, Company would be subject to regulatory scrutiny and incur substantial costs, and 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.
Those who purchased shares of Revolution Lighting Technologies, Inc. (NASDAQ: RVLT) have certain options and should contact the Shareholders Foundation.
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