NEW YORK--(BUSINESS WIRE)--Rosen Law Firm, a global investor rights law firm, announces it is investigating potential securities claims on behalf of shareholders of RiT Technologies Ltd. (NASDAQ:RITT) resulting from allegations that RiT Technologies may have issued materially misleading business information to the investing public.
On February 11, 2016, RiT Technologies announced that its major Russian distributor was experiencing collection problems from customers in the Russian region “thereby adversely impacting RiT’s current cash flow.” On this news, shares of RiT Technologies fell $0.60 per share or over 50% to close at $0.59 per share on February 11, 2016. On April 20, 2016, RiT Technologies announced that the collection progress of its Russian distributor’s overdue debts was progressing significantly lower than planned, and that the Chief Financial Officer of RiT Technologies resigned. On this news, shares of RiT Technologies fell $0.32 per share or over 46% to close at $0.37 per share on April 20, 2016. On June 28, 2016, RiT Technologies announced that its request for continued listed on the NASDAQ Capital Market was denied, that trading of its securities will be suspended by NASDAQ on July 1, 2016 and thereafter be removed from listing on the NASDAQ. On this news, shares of RiT Technologies fell $0.07 per share or over 32% to close at $0.15 per share on June 28, 2016.
Rosen Law Firm is preparing a class action lawsuit to recover losses suffered by RiT Technologies investors. If you purchased shares of RiT Technologies on or before June 28, 2016, please visit the firm’s website at http://www.rosenlegal.com/cases-919.html for more information. You may also contact Phillip Kim or Kevin Chan of Rosen Law Firm toll free at 866-767-3653 or via email at firstname.lastname@example.org or email@example.com.
Rosen Law Firm represents investors throughout the globe, concentrating its practice in securities class actions and shareholder derivative litigation.
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