BENSALEM, Pa.--(BUSINESS WIRE)--Law Offices of Howard G. Smith reminds investors of the upcoming January 7, 2020 deadline to file a lead plaintiff motion in the class action filed on behalf of investors who purchased Resideo Technologies, Inc. (“Resideo” or the “Company”) (NYSE: REZI) common stock between October 10, 2018 and October 22, 2019, inclusive (the “Class Period”).
Investors suffering losses on their Resideo investments are encouraged to contact the Law Offices of Howard G. Smith to discuss their legal rights in this class action at 888-638-4847 or by email to howardsmith@howardsmithlaw.com.
On October 22, 2019, after the market closed, Resideo lowered its fiscal 2019 revenue guidance by $80 million and disclosed that it would be doing a full financial and operational review of the business. The same day, Resideo announced that its Chief Financial Officer, Joseph D. Ragan III, would be leaving the Company on November 6, 2019.
On this news, Resideo's stock price fell $5.73 per share, or over 37%, to close at $9.50 per share on October 23, 2019, thereby injuring investors.
The complaint filed in this class action alleges that throughout the Class Period, Defendants made materially false and/or misleading statements, as well as failed to disclose material adverse facts about the Company’s business, operations, and prospects. Specifically, Defendants failed to disclose to investors: (1) that the negative operational effects of the Company's spin-off from Honeywell International Inc. were more substantial and persistent than disclosed and had negatively affected Resideo's product sales, supply chain, and gross margins, putting the Company's FY19 financial forecasts at risk; and (2) that as a result of the foregoing, the Company's financial guidance lacked a reasonable basis and the Company was not on track to make its FY19 guidance as claimed.
If you purchased Resideo securities, you may move the Court no later than January 7, 2020 to ask the Court to appoint you as lead plaintiff if you meet certain legal requirements. To be a member of the class action you need not take any action at this time; you may retain counsel of your choice or take no action and remain an absent member of the class action. If you wish to learn more about this class action, or if you have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Howard G. Smith, Esquire, of Law Offices of Howard G. Smith, 3070 Bristol Pike, Suite 112, Bensalem, Pennsylvania 19020 by telephone at (215) 638-4847, toll-free at (888) 638-4847, or by email to howardsmith@howardsmithlaw.com, or visit our website at www.howardsmithlaw.com.
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