NEW YORK--(BUSINESS WIRE)--The Rosen Law Firm, P.A., a global investor rights law firm, announces that it has filed a class action lawsuit on behalf of purchasers of Appliance Recycling Centers of America, Inc. (NASDAQ:ARCI) common stock between March 15, 2012 through February 11, 2015. The lawsuit seeks to recover damages for ARCA investors under the federal securities laws.
To join the ARCA class action, go to the website at http://www.rosenlegal.com/cases-510.html or call Phillip Kim, Esq. or Kevin Chan, Esq. toll-free at 866-767-3653 or email firstname.lastname@example.org or email@example.com for information on the class action. The suit is pending in U.S. District Court for the Central District of California.
NO CLASS HAS YET BEEN CERTIFIED IN THE ABOVE ACTION. UNTIL A CLASS IS CERTIFIED, YOU ARE NOT REPRESENTED BY COUNSEL UNLESS YOU RETAIN ONE. YOU MAY ALSO REMAIN AN ABSENT CLASS MEMBER AND DO NOTHING AT THIS POINT. YOU MAY RETAIN COUNSEL OF YOUR CHOICE.
According to the lawsuit, ARCA issued materially false and misleading statements to investors and/or failed to disclose that: (1) ARCA’s financial statements contained errors concerning sales tax related to its appliance replacement programs; and (2) the Company lacked adequate internal controls. On August 6, 2014, the Company announced that the California Board of Equalization ("BOE") is conducting an examination of sales and use taxes covering ARCA's appliance replacement sales. On this news, the Company’s shares fell $1.11 per share or over 27% to close at $2.99 per share on August 7, 2014, damaging investors. On February 11, 2015, the Company announced that it expects an assessment of at least $4.0 million from the BOE and will need to restate its previously issued financial statement for the years ended December 28, 2013, December 29, 2012 and December 31, 2011, for the quarters in those years, and for the quarters ended March 29, June 28 and September 27, 2014. On this news, the Company’s shares fell $0.43 per share or over 14% to close at $2.54 per share on February 12, 2015, further damaging investors.
A class action lawsuit has already been filed. If you wish to serve as lead plaintiff, you must move the Court no later than May 5, 2015. If you wish to join the litigation go http://www.rosenlegal.com/cases-510.html or to discuss your rights or interests regarding this class action, please contact, Phillip Kim, Esq. or Kevin Chan, Esq. of The Rosen Law Firm toll free at 866-767-3653 or via e-mail at firstname.lastname@example.org or email@example.com.
The Rosen Law Firm represents investors throughout the globe, concentrating its practice in securities class actions and shareholder derivative litigation.