BENSALEM, Pa.--(BUSINESS WIRE)--
Law Offices of Howard G. Smith reminds investors of the upcoming October 21, 2016 deadline to file a lead plaintiff motion in the class action lawsuit filed on behalf of investors who purchased or otherwise acquired Power Solutions International, Inc. (“Power Solutions” or the “Company”) (NASDAQ: PSIX) securities between January 15, 2014 and August 15, 2016, inclusive (the “Class Period”). Power Solutions investors have until October 21, 2016 to file a lead plaintiff motion.
According to the lawsuit, defendants throughout the Class Period made false and/or misleading statements and/or failed to disclose that: (1) Power Solutions inappropriately recognized revenue for certain transactions; (2) Power Solutions lacked adequate internal controls over financial reporting; and (3) as a result, Power Solutions’ public statements were materially false and misleading at all relevant times. When the true details entered the market, the lawsuit claims that investors suffered damages.
On August 15, 2016, Power Solutions announced that it needed additional time to file its Form 10-Q for the quarter ended June 30, 2016, with the Securities and Exchange Commission in order to finalize the financial statements for the quarter. Specifically, the Company stated that it has not completed its financial statements “in light of an ongoing review of allegations made by a former employee” concerning “certain transactions involving revenue recognition.”
On this news, Power Solutions’ stock price fell approximately 12% during intraday trading on August 16, 2016, thereby injuring investors.
If you purchased Power Solutions shares, you may move the Court no later than October 21, 2016 to request appointment as lead plaintiff. To be a member of the class you need not take any action at this time; you may retain counsel of your choice or take no action and remain an absent member of the Class. If you wish to learn more about this action, or if you have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Howard G. Smith, Esquire, of Law Offices of Howard G. Smith, 3070 Bristol Pike, Suite 112, Bensalem, Pennsylvania 19020 by telephone at (215) 638-4847, toll-free at (888) 638-4847, or by email to [email protected], or visit our website at http://www.howardsmithlaw.com.
This press release may be considered Attorney Advertising in some jurisdictions under the applicable law and ethical rules.
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