NEW YORK--(BUSINESS WIRE)--Kirby McInerney LLP announced today that a class action lawsuit is pending in the United States District Court for the Central District of California on behalf of purchasers of Resonant Inc. (Nasdaq:RESN) securities during the period from August 14, 2014 through February 26, 2015 (the “class period”). Pursuant to applicable law, investors have until May 18, 2015 to file a motion to be appointed as lead plaintiff in the investor lawsuit.
The lawsuit charges that Resonant: i) exercised inadequate controls such that, in October of 2014, it was forced to restate its unaudited condensed consolidated financial statements for the three and six month periods ended June 30, 2014 and 2013, which were included in its Form 10-Q for the quarter ended June 30, 2014; and ii) that, on its very first completed assignment, Resonant delivered a duplexer design that did not meet the specifications demanded in its development agreement, and that it was not certain that its inadequate design would be used by the client.
Following news of the need to restate earnings, Resonant’s stock price declined from $6.30 to $6.05 per share on October 13, 2014. Following Resonant’s admission that it had ineffectively completed its first assignment, Resonant’s stock price declined from $15.47 to $10.40 on February 27, 2015.
If you acquired Resonant securities during this period and you are interested in learning more about this matter and any rights you might have with respect to these claims, contact Jess Kelley at securitiescases@kmllp.com, by telephone at (212) 371-6600, or by filling out this form. Please bear in mind that some of these rights may be time-sensitive.
Kirby McInerney LLP is a New York-based plaintiffs’ law firm concentrating in securities, whistleblower, antitrust and consumer litigation. The firm has specialized in complex litigation, including securities class actions, for several decades. Kirby McInerney LLP has repeatedly demonstrated its expertise in this field, and has been recognized by various courts that have appointed the firm to major positions in consolidated and multi-district litigation. The firm’s efforts on behalf of shareholders in securities litigation have resulted in recoveries totaling billions of dollars, and the firm’s achievements and quality of service have been chronicled in numerous published decisions. Additional information about the firm or the claims against Resonant can be found at Kirby McInerney LLP’s website: http://www.kmllp.com.
