Robbins Arroyo LLP: Resonant, Inc. (RESN) Misled Shareholders According to a Recently Filed Class Action
SAN DIEGO and SANTA BARBARA, Calif., April 1, 2015 /PRNewswire/ -- Shareholder rights law firm Robbins Arroyo LLP announces that an investor of Resonant, Inc. (NASDAQCM: RESN) has filed a federal securities fraud class action complaint in the U.S. District Court for the Central District of California. The complaint alleges that the company and certain of its officers and directors violated the Securities Exchange Act of 1934 between August 14, 2014 and February 26, 2015. Resonant is a development stage company that focuses on creating filter designs for radio frequency front-ends in the mobile device industry.
View this information on the law firm's Shareholder Rights Blog:
www.robbinsarroyo.com/shareholders-rights-blog/resonant-inc
Resonant Misrepresents Its Business Practices
The complaint alleges that Resonant made false and misleading statements and failed to disclose material adverse facts about its business, operations, prospects, and performance. Specifically, Resonant failed to disclose that it would not meet "Milestone 4" in its first development agreement for a duplexer design. According to the complaint, the truth about the Company's business came to light on February 27, 2015, when the company announced that the completed duplexer design it delivered to its first customer for consideration did not meet all of the client's specifications. On this news, shares of Resonant fell over $5.07, or 32%, to close at $10.40 per share.
Resonant Shareholders Have Legal Options
Concerned shareholders who would like more information about their rights and potential remedies can contact attorney Darnell R. Donahue at (800) 350-6003, [email protected], or via the shareholder information form on the firm's website.
Robbins Arroyo LLP is a nationally recognized leader in shareholder rights law. The firm represents individual and institutional investors in shareholder derivative and securities class action lawsuits, and has helped its clients realize more than $1 billion of value for themselves and the companies in which they have invested.
Attorney Advertising. Past results do not guarantee a similar outcome.
Contact:
Darnell R. Donahue
Robbins Arroyo LLP
600 B Street, Suite 1900
San Diego, CA 92101
[email protected]
(619) 525-3990 or Toll Free (800) 350-6003
www.robbinsarroyo.com
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SOURCE Robbins Arroyo LLP
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