Kirby McInerney LLP Reminds Investors of the Lead Plaintiff Deadline in the Class Action Lawsuit Against Powersecure International, Inc.
NEW YORK--(BUSINESS WIRE)--Kirby McInerney LLP announced today that a class action lawsuit is pending in the United States District Court for the Eastern District of North Carolina on behalf of investors who acquired Powersecure International, Inc. (“Powersecure” or the “Company”) (NYSE: POWR) securities from March 10, 2014 through May 7, 2014 (the “Class Period”). Pursuant to applicable law, investors have until July 22, 2014 to file a motion to be appointed as lead plaintiff in the investor lawsuit.
“record backlog, healthy order activity, exceptional balance sheet, and the benefits we are realizing from our acquisitions”
The lawsuit charges that Defendants violated the Securities Exchange Act of 1934 by announcing materially false and/or misleading information to the Company’s investors. Specifically, while touting a “record backlog, healthy order activity, exceptional balance sheet, and the benefits we are realizing from our acquisitions,” Defendants misrepresented and failed to disclose the following adverse facts, including that the Company lacked the experience and internal control necessary to expand the DG business into larger contracts, and accordingly Defendants: (a) inefficiently shifted resources from its utility infrastructure business to other customer opportunities without the necessary experience of controls required to sustain its revenues and gross margins; and (b) lacked the ability to convert larger distributed generation project opportunities from its pipeline into revenue backlog.
As a result of these deficiencies, the Company reported a net loss of $4.3 million for the first quarter of 2014, and disclosed that its gross profit margin declined from 30.6% in the first quarter 2013 to 20.9% in the first quarter 2014. When these facts came to light in the Company’s quarterly report for the first quarter of 2014, the price of Powersecure’s securities declined from $18.60 on May 7, 2014 to $7.00 on May 8, 2014, a single-day loss of 62%.
If you acquired Powersecure 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 Wilona Karnadi or Jess Kelley at firstname.lastname@example.org, 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 Powersecure can be found at Kirby McInerney LLP’s website: http://www.kmllp.com.