An investigation on behalf of current long term investors in Resonant Inc (NASDAQ:RESN) shares over possible breaches of fiduciary duty by certain officers and directors was announced and NASDAQ:RESN stockholders should contact the Shareholders Foundation.
San Diego, CA -- (SBWIRE) -- 04/22/2015 -- An investigation on behalf of current long-term investors in shares of Resonant Inc (NASDAQ:RESN) concerning potential breaches of fiduciary duties by certain directors and officers of Resonant Inc was announced.
Investors who are current long term investors in Resonant Inc (NASDAQ:RESN) shares, have certain options and should contact the Shareholders Foundation at email@example.com or call +1(858) 779 - 1554.
The investigation by a law firm for current long term investors in NASDAQ:RESN stocks follows a lawsuit filed recently against Resonant Inc over alleged securities laws violations. The investigation on behalf of current long term investors in NASDAQ:RESN stocks, concerns whether certain Resonant officers and directors are liable in connection with the allegations made in that lawsuit.
According to that complaint filed in the U.S. District Court for the Central District of California the plaintiff alleges that Resonant Inc issued certain allegedly materially false and misleading statements to investors and/or allegedly failed to disclose that there were errors in Resonant's financial statements for the three and six months ended June 30, 2014 and 2013, that Resonant's disclosure controls and procedures were not effective as of June 30, 2014, and that Resonant would be unable to meet Milestone 4 pursuant to its development agreement in the first quarter of 2015. When the truth was revealed to investors, the price of Resonant shares fell, damaging investors.
On February 26, 2015, Resonant Inc announced financial results and provided a business update for the fourth quarter and year ended December 31, 2014. Among other things, Resonant Inc said that it has "delivered a completed duplexer design for consideration to our first customer" but the delivered design "does not meet all the specifications in the development agreement." Resonant Inc said also said that the customer's decision whether to use Resonant's design is uncertain and based on a number of considerations, many of which are beyond Resonant's control.Shares of Resonant Inc (NASDAQ:RESN) declined to as low as $9.54 per share on February 27, 2015, respectively $7.83 per share on March 24, 2015.
On April 20, 2015, NASDAQ:RESN shares closed at $3.99 per share.
Those who purchased shares of Resonant Inc (NASDAQ:RESN) have certain options and should contact the Shareholders Foundation.
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