WILMINGTON, Del.--(BUSINESS WIRE)--Rigrodsky & Long, P.A.:
- Do you, or did you, own shares of Resonant Inc. (NASDAQ CM: RESN)?
- Did you purchase your shares between August 14, 2014 and February 26, 2015, inclusive?
- Did you lose money in your investment in Resonant Inc.?
- Do you want to discuss your rights?
Rigrodsky & Long, P.A., including former Special Assistant United States Attorney, Timothy J. MacFall, reminds shareholders of Resonant Inc. (“Resonant” or the “Company”) (NASDAQ CM: RESN) of an upcoming deadline involving a securities fraud class action lawsuit commenced against the Company.
A complaint was filed in the United States District Court for the Central District of California on behalf of all persons or entities that purchased the common stock of Resonant between August 14, 2014 and February 26, 2015, inclusive (the “Class Period”), alleging violations of the Securities Exchange Act of 1934 against the Company and certain of its officers (the “Complaint”). If you wish to serve as lead plaintiff, you must move the Court no later than May 18, 2015.
If you purchased shares of Resonant during the Class Period, or purchased shares prior to the Class Period and still hold Resonant, and wish to discuss this action or have any questions concerning this notice or your rights or interests, please contact Timothy J. MacFall, Esquire or Peter Allocco of Rigrodsky & Long, P.A., 2 Righter Parkway, Suite 120, Wilmington, DE 19803 at (888) 969-4242; by e-mail to info@rl-legal.com; or at: http://www.rigrodskylong.com/investigations/resonant-inc-resn.
The Complaint alleges that throughout the Class Period, defendants made materially false and misleading statements, and omitted materially adverse facts, about the Company’s business, operations and prospects. Specifically, the Complaint alleges that the defendants concealed from the investing public that: (1) there were errors in the valuation of warrant liabilities, weighted average shares outstanding and earnings per share, and the notes to the condensed consolidated financial statements for the three and six months ended June 30, 2014 and 2013; (2) the Company’s disclosure controls and procedures were not effective as of June 30, 2014; (3) the Company would be unable to meet Milestone 4 pursuant to its development agreement in the first quarter of 2015; and (4) as a result of the foregoing, the Company’s financial statements and statements concerning its business operations and prospects were materially false and misleading at all relevant times. As a result of defendants’ alleged false and misleading statements, the Company’s stock traded at artificially inflated prices during the Class Period.
According to the Complaint, on February 26, 2015, the Company announced that the completed duplexer design it delivered to its first customer for consideration did not meet all the specifications in the development agreement.
On this news, shares in Resonant dropped almost 33%, closing at $10.40 per share on February 27, 2015, on heavy trading volume.
If you wish to serve as lead plaintiff, you must move the Court no later than May 18, 2015. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation. In order to be appointed lead plaintiff, the Court must determine that the class member’s claim is typical of the claims of other class members, and that the class member will adequately represent the class. Your ability to share in any recovery is not, however, affected by the decision whether or not to serve as a lead plaintiff. Any member of the proposed class may move the court to serve as lead plaintiff through counsel of their choice, or may choose to do nothing and remain an absent class member.
While Rigrodsky & Long, P.A. did not file the Complaint in this matter, the firm, with offices in Wilmington, Delaware and Garden City, New York, regularly litigates securities class, derivative and direct actions, shareholder rights litigation and corporate governance litigation, including claims for breach of fiduciary duty and proxy violations in the Delaware Court of Chancery and in state and federal courts throughout the United States.
Attorney advertising. Prior results do not guarantee a similar outcome.
