NEW YORK--(BUSINESS WIRE)--The following statement is being issued by Levi & Korsinsky, LLP:
To: All persons or entities who purchased or otherwise acquired securities of RiT Technologies Ltd. (“RiT Technologies”) (NASDAQ: RITT) between March 3, 2015 and July 1, 2016. You are hereby notified that a securities class action lawsuit has been commenced in the USDC for the District of New Jersey. To get more information go to:
or contact Joseph E. Levi, Esq. either via email at email@example.com or by telephone at (212) 363-7500, toll-free: (877) 363-5972. There is no cost or obligation to you.
The complaint alleges that throughout the Class Period defendants made false and/or misleading statements and/or failed to disclose that: (1) RiT CIS Ltd. was RiT Technologies’ major distributor in Russia and the Commonwealth of Independent States region; (2) RiT CIS was vital to the viability of RiT Technologies; and (3) as a result, RiT Technologies’ public statements were materially false and misleading at all relevant times.
On February 11, 2016, RiT revealed that RiT CIS was “its major distributor in Russia and the CIS region” and was delaying payments to the Company, thus adversely impacting RiT’s current cash flow. Then on April 20, 2016, the Company announced that the collection progress for overdue debts was significantly lower than planned, and that the CFO of RiT Technologies had resigned effective immediately. Then on June 3, 2016, the Company announced the resignation of its President and CEO.
If you suffered a loss in RiT Technologies you have until September 26, 2016 to request that the Court appoint you as lead plaintiff. Your ability to share in any recovery doesn’t require that you serve as a lead plaintiff.
Levi & Korsinsky is a national firm with offices in New York, New Jersey, California, Connecticut, and Washington D.C. The firm’s attorneys have extensive expertise and experience representing investors in securities litigation, and have recovered hundreds of millions of dollars for aggrieved shareholders. Attorney advertising. Prior results do not guarantee similar outcomes.