DALLAS--(BUSINESS WIRE)--Former United States Securities and Exchange Commission attorney Willie Briscoe, founder of The Briscoe Law Firm, PLLC, and the securities litigation firm of Powers Taylor LLP announce that a class action lawsuit has been filed against Castlight Health, Inc. (“Castlight”) (NYSE:CSLT) and several officers and directors for acts traceable to Castlight’s Initial Public Offering on March 14, 2014.
Based upon the allegations in the class action, the firms are investigating additional legal claims against the officers and Board of Directors of Castlight. If you are an affected Castlight shareholder and want to learn more about the lawsuit or join the action, contact Willie Briscoe at The Briscoe Law Firm, PLLC via email at firstname.lastname@example.org, Patrick Powers at Powers Taylor LLP via email at email@example.com, or call toll free at (877) 728-9607. There is no cost or fee to you.
According to the complaint, Castlight’s Registration Statement issued in connection with the Initial Public Offering failed to disclose that its backlog was growing due to implementation delays associated with scalability issues, which was a significant negative impact on its gross margins. The complaint also alleges that the deployment of Castlight’s technology was not adequately scalable to achieve revenue growth and costs reductions. Once the true details entered the market, investors suffered damages as stock prices dropped significantly.
The Briscoe Law Firm, PLLC is a full service business litigation, commercial transaction, and public advocacy firm with more than 20 years of experience in complex litigation and transactional matters.
Powers Taylor LLP is a boutique litigation law firm that handles a variety of complex business litigation matters, including claims of investor and stockholder fraud, shareholder oppression, shareholder derivative suits, and security class actions.