SAN DIEGO, CA / ACCESSWIRE / April 9, 2019 / The Shareholders Foundation, Inc. announces that a lawsuit was filed for certain investors in Revolution Lighting Technologies, Inc. (NASDAQ: RVLT) shares.
Investors, who purchased shares of Revolution Lighting Technologies, Inc. (NASDAQ: RVLT), have certain options and should contact the Shareholders Foundation at [email protected] or call +1(858) 779 - 1554.
On October 19, 2018, Revolution Lighting Technologies, Inc disclosed an ongoing SEC investigation regarding revenue recognized from transactions between 2014 through the second quarter of 2018. The Company estimated that the net effect on the reported revenue based on shipment of products, as opposed to the Company's policy of bill and hold revenue recognition, "would have been to reduce revenue by $5.0 million, $6.3 million and $6.3 million in each of 2014, 2015 and 2016, respectively, and increase revenue by $11.6 million and $5.1 million in 2017 and 2018, respectively."
The plaintiff alleges that the defendants made false and/or misleading statements and/or failed to disclose that the Company was improperly recognizing revenue for certain transactions, that, as a result, the Company's financial statements were misstated, that the Company lacked adequate internal controls over financial reporting, that, as a result, Company would be subject to regulatory scrutiny and incur substantial costs, and that, as a result of the foregoing, Defendants' positive statements about the Company's business, operations, and prospects were materially misleading and/or lacked a reasonable basis.
Those who purchased Revolution Lighting Technologies, Inc. (NASDAQ: RVLT) shares should contact the Shareholders Foundation, Inc.
CONTACT:
Shareholders Foundation, Inc.
Michael Daniels
+1 (858) 779-1554
[email protected]
3111 Camino Del Rio North
Suite 423
San Diego, CA 92108
The Shareholders Foundation, Inc. is a professional portfolio legal monitoring and a 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. The Shareholders Foundation, Inc. is not a law firm. Any referenced cases, investigations, and/or settlements are not filed/initiated/reached and/or are not related to Shareholders Foundation. The information is only provided as a public service. It is not intended as legal advice and should not be relied upon.
SOURCE: Shareholders Foundation, Inc.