A lawsuit was filed on behalf of investors in Resideo Technologies, Inc. (NYSE: REZI) shares over alleged securities laws violations.
San Diego, CA -- (SBWIRE) -- 11/19/2019 -- An investor, who purchased NYSE: REZI shares, filed a lawsuit over alleged violations of Federal Securities Laws by Resideo Technologies, Inc.
Investors who purchased shares of Resideo Technologies, Inc. (NYSE: REZI) should contact the Shareholders Foundation at firstname.lastname@example.org or call +1(858) 779 - 1554.
On October 22, 2019, Resideo Technologies, Inc issued its preliminary financial results for the third quarter of 2019, announcing that it had missed revenue and earnings targets and was lowering its recently reaffirmed revenue outlook for fiscal year 2019 by $80 million. Also on October 22, 2019, Resideo Technologies, Inc announced that Joseph D. Ragan III, the Company's Chief Financial Officer, would be leaving Resideo on November 6, 2019.
Shares of Resideo Technologies, Inc. (NYSE: REZI) declined from $25.86 per share in February 2019 to as low as $8.60 per share on October 23, 2019.
The plaintiff claims that between October 29, 2018 and October 22, 2019, the defendants failed to disclose that the negative operational effects of the spin-off were more substantial and persistent than disclosed and had negatively affected the Company's product sales, supply chain, and gross margins, putting Resideo Technologies, Inc's fiscal 2019 financial forecasts at risk, and that, as a consequence, the Company's financial guidance lacked a reasonable basis and the Company was not on track to make its fiscal 2019 guidance as defendants had claimed. The plaintiff says that as a result of defendants' material misrepresentations and omissions, Resideo Technologies, Inc stock traded at artificially inflated prices of more than $26 per share between October 29, 2018 and October 22, 2019.
Those who purchased shares of Resideo Technologies, Inc. (NYSE: REZI) have certain options and should contact the Shareholders Foundation.
Shareholders Foundation, Inc.
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About Shareholders Foundation, Inc.
The Shareholders Foundation, Inc. is a professional portfolio monitoring and settlement claim filing service, , which does research related to shareholder issues and informs investors of securities class actions, settlements, judgments, and other legal related news to the stock/financial market. Shareholders Foundation, Inc. is in contact with a large number of shareholders and offers help, support, and assistance for every shareholder. The Shareholders Foundation, Inc. is not a law firm. Referenced cases, investigation, and/or settlements are not filed/reached and/or related to Shareholders Foundation. The information is provided as a public service. It is not intended as legal advice and should not be relied upon.