SAN DIEGO & AUSTIN, Texas--(BUSINESS WIRE)--Shareholder rights law firm Robbins LLP announces that it is investigating Resideo Technologies, Inc. (NYSE: REZI) for alleged violations of the Securities Exchange Act of 1934 and whether the Company's officers and directors breached their fiduciary duties to shareholders. Resideo Technologies manufactures home automation products, including smart thermostats and security cameras. The Company was formed through a spin-off from parent Honeywell International, Inc.
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Resideo Technologies, Inc. (REZI) Significantly Misses Earnings Estimates
Leading up to its spin-off, Resideo touted its "bright future" and strong competitive position. Additionally, Honeywell touted that following the spin-off Resideo would be the market leader in home heating, air conditioning controls, and security markets. Then, on October 22, 2019, Resideo surprised investors by announcing preliminary financial results for the third quarter that revealed earnings that significantly missed estimates as well as the replacement of its CFO. On this news, the price of Resideo stock fell $5.73 per share, a decline of over 37%. The stock has yet to recover.
Resideo Technologies, Inc. (REZI) Shareholders Have Legal Options
Robbins LLP is a nationally recognized leader in shareholder rights law. The firm represents individual and institutional investors in shareholder derivative and securities class action lawsuits, and has helped its clients realize more than $1 billion of value for themselves and the companies in which they have invested. Click here to receive free alerts from Stock Watch when companies engage in wrongdoing.
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