SAN DIEGO--(BUSINESS WIRE)--Robbins Geller Rudman & Dowd LLP (“Robbins Geller”) (http://www.rgrdlaw.com/cases/tcpintl/) today announced that a class action has been commenced in the United States District Court for the Northern District of Ohio on behalf of purchasers of TCP International Holdings Ltd. (“TCP”) (NYSE:TCPI) stock in and/or traceable to the initial public offering (“IPO”) on or about June 26, 2014.
If you wish to serve as lead plaintiff, you must move the Court no later than 60 days from today. If you wish to discuss this action or have any questions concerning this notice or your rights or interests, please contact plaintiff’s counsel, Darren Robbins of Robbins Geller at 800-449-4900 or 619-231-1058, or via e-mail at firstname.lastname@example.org. If you are a member of this class, you can view a copy of the complaint as filed or join this class action online at http://www.rgrdlaw.com/cases/tcpintl/. Any member of the putative 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.
The complaint charges certain of TCP’s officers and directors, TCP and the underwriters of the IPO with violations of the Securities Act of 1933. TCP designs, develops, manufactures and delivers energy efficient lamps, fixtures and internet-based lighting control solutions.
The complaint alleges that on or about June 26, 2014, 7,142,858 shares of TCP stock were sold to the public at $11 per share in a registered IPO. The Company granted the underwriters a 30-day option to purchase up to an additional 1,071,428 common shares at the IPO price less underwriting discounts and commissions.
The complaint further alleges that the Registration Statement issued in connection with the IPO included information that was false. Specifically, the Registration Statement negligently contained statements that falsely described the Company’s operations and business, including false statements concerning the Company’s important Underwriters Laboratory (“UL”) and Energy Star approvals, compliance, and qualifications. In addition, the Registration Statement failed to disclose certain material events known to defendants that caused the information reported in the Registration Statement and other public statements not to be indicative of TCP’s actual operations.
The IPO was successful for the Company. However, as TCP’s post-IPO results began to show the adverse trends that had been concealed in the offering documents, TCP’s stock price declined.
On February 27, 2015, TCP shares closed at $3.02 per share, or approximately 75% less than the IPO price.
Plaintiff seeks to recover damages on behalf of all purchasers of TCP stock in and/or traceable to the June 26, 2014 IPO (the “Class”). The plaintiff is represented by Robbins Geller, which has expertise in prosecuting investor class actions and extensive experience in actions involving financial fraud.
Robbins Geller, with 200 lawyers in ten offices, represents U.S. and international institutional investors in contingency-based securities and corporate litigation. The firm has obtained many of the largest securities class action recoveries in history, including the largest securities class action judgment. Please visit http://www.rgrdlaw.com for more information.