Investor Alert: Kaplan Fox Announces Investigation Of Revolution Lighting Technologies
NEW YORK, Feb. 5, 2019 /PRNewswire/ -- Kaplan Fox & Kilsheimer LLP (www.kaplanfox.com) is investigating claims on behalf of investors of Revolution Lighting Technologies, Inc. ("Revolution Lighting" or the "Company") (NASDAQ: RVLT). Investors who purchased Revolution Lighting securities between March 14, 2014 and November 14, 2018, inclusive (the "Class Period"), may be affected. A complaint has been filed in the United States District Court for the Southern District of New York on behalf of investors of Revolution Lighting securities during the Class Period.
On October 17, 2018, Revolution Lighting reported preliminary financial results for the third quarter of 2018, including expected revenue of $33 million for the third quarter compared to previously announced third quarter guidance of $40-$41 million. The Company also announced that its CEO and Chairman, Robert LaPenta ("CEO LaPenta"), had offered to acquire all of the common stock of the Company for a price of $2 per share. Following this news, the Company's stock price fell $0.98 per share, or more than 38%, to close at $1.58 per share on October 17, 2018 on unusually heavy trading volume.
On October 19, 2018, after the market closed, the Company disclosed "an ongoing investigation by the SEC regarding certain revenue recognition practices, including bill and hold transactions that occurred between 2014 through the second quarter of 2018." On October 22, 2018, the first trading day following the news, the Company's stock price fell $0.16 per share, or more than 10%, to close at $1.43 per share.
Then, on November 14, 2018, after the market closed, Revolution Lighting announced that its Transaction Committee was considering an updated proposal from CEO LaPenta to acquire all of the Company's outstanding stock for $1.50 per share, referring in part to the SEC investigation as part of the reason CEO LaPenta wished to take the Company private. Following this news, the Company's stock price fell approximately $0.55 per share, or 39%, to close at $0.85 per share on November 15, 2018.
If you are a member of the proposed Class, you may move the court no later than April 1, 2019 to serve as a lead plaintiff for the purported class. You need not seek to become a lead plaintiff in order to share in any possible recovery. If you would like to discuss the complaint or our investigation, please contact us by emailing [email protected] or by calling 800-290-1952.
This press release may be considered Attorney Advertising in some jurisdictions under the applicable law and ethical rules.
Kaplan Fox & Kilsheimer LLP, with offices in New York, San Francisco, Los Angeles, Chicago and New Jersey, has many years of experience in prosecuting investor class actions. For more information about Kaplan Fox & Kilsheimer LLP, you may visit our website at www.kaplanfox.com. If you have any questions about this Notice, the action, your rights, or your interests, please contact:
Jeffrey P. Campisi
KAPLAN FOX & KILSHEIMER LLP
850 Third Avenue, 14th Floor
New York, New York 10022
(800) 290-1952
(212) 687-1980
Fax: (212) 687-7714
E-mail: [email protected]
Laurence D. King
KAPLAN FOX & KILSHEIMER LLP
350 Sansome Street, Suite 400
San Francisco, California 94104
(415) 772-4700
Fax: (415) 772-4707
E-mail: [email protected]
SOURCE Kaplan Fox & Kilsheimer LLP
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